Shares of Parkson Retail Group and Industrial and Commercial Bank of China tumbled yesterday as investors ditched the stocks following news of major stake selldowns and amid a broader market pullback.
Parkson slumped the most in nearly five months, falling as much as 8.44 per cent before closing down 6.66 per cent at HK$11.50. ICBC was also in the red from start to finish, sliding 4.11 per cent to HK$4.90.
Nearly HK$800 million worth of Parkson shares changed hands during the sell-off, the most since January 2008.
Both companies opened lower following reports on Monday that they would each be involved in a major share disposal.
ICBC fell to the low end of a pricing range set in a sale document obtained by fund managers, while Parkson dipped below its announced placement price of HK$11.71.
'[Parkson's] poor share performance was mainly dragged down by the whole market sentiment,' said one analyst at a European investment bank, 'But the controlling shareholder didn't disclose the reason for the share sale, which is also part of the reason for the decline.'