lunchtime-selldown-in-china-resources-enterprise

Lunchtime sell-down in China Resources Enterprise

The red-chip conglomerate holds up well after an undisclosed seller offloads $108 million worth of shares at a 4.4% discount to the latest market price.

After a couple of weaker days, the Hong Kong stockmarket was back in good form yesterday with a 4% gain, which prompted an institutional shareholder in China Resources Enterprise to reap some profits through a block trade. The HK$840.3 million $108 million deal was launched and completed during the lunchtime break, which could suggest that the seller felt unsure whether this latest rally was going to last.

Like many other Hong Kong-listed stocks, China Resources has been on an upward trend since early March, but it has been volatile and, before yesterday's gains, the stock had actually fallen in four of the past 14 sessions. It is also currently trading above the consensus target...

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