China COSCO board baffled by shares slump

China COSCO board baffled by shares slump The board of directors of China COSCO Holdings Co. Ltd., owners of COSCO Container Lines, said it doesn’t know of any reason for the recent downturn in the company’s shares and increased trading volume seen Wednesday, in an announcement made today at the request of the Hong Kong Stock Exchange.
   China COSCO’s share price slumped 13.3 percent to HK$16.38 at close on Wednesday but rebounded 2.9 percent to HK$16.86 at close today. Other shipping lines have suffered heavy share drops recently amid fears that cargo volumes may slow as a result of the slowing U.S. economy.
   “We also confirm that there are no negotiations or agreements relating to intended acquisitions or realizations which are discloseable under rule 13.23 of the Rules Governing the Listing of Securities on the Stock Exchange,” the China COSCO board said.