Port-related counters are hit by US-China trade tensions

Singapore

TRADE-DEPENDENT counters, especially those in port operations and bulk cargo transportation, hit multi-year lows in the region on Thursday, amid continued trade tensions between the US and China.

In Singapore, container port business Hutchison Port Holdings Trust fell to a record low of US$0.295 on Thursday. In Hong Kong, logistics conglomerate China Merchants Port Holdings and terminals operator Cosco Shipping Ports both fell to eight-year lows of HK$17.30 and HK$6.60, respectively.

The sector seems to be easily the most vulnerable victim, should trade relationships break down between the two economic giants.

Meanwhile, there are some concerns that further tit-for-tat responses to rising US protectionism could spread to the banking, shipbuil…