Sentiment, more than fundamentals, behind rout in port counters
LAST week's sell-off in port counters was likely the consequence of a sentiment turn more than any change in specific fundamentals of individual companies. Just like the adage that says "a rising tide lifts all boats", perhaps it is also true that an ebbing one also sinks them.
The vessel reference is particularly fitting here. Shares of terminal operator Hutchison Port Holdings (HPH) Trust fell to a record low of US$0.295 last Thursday, rendering it the top loser in the benchmark Straits Times Index in the month of March. By Wednesday, it saw some reprieve, with the stock price inching back up to US$0.30 on the local bourse.
Analysts pin the blame of the sell-down on the ongoing trade spat between US and China, which has brought on concerns a…
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