Chinese Shipping Shares Drop on Reports of Gaza Cease-Fire Progress
Shares of Chinese shipping companies fell sharply on expectations of falling freight rates after Hamas reportedly signaled approval for a cease-fire in Gaza.
Orient Overseas (International) shares were 5.8% lower in Hong Kong by midday Monday, the biggest decliner among Hang Seng Index constituents. Cosco Shipping shed 8.5% and 5.2% in Hong Kong and Shanghai, respectively. Cosco Shipping Development and SITC International lost 6.7% and 4.35%, respectively, in Hong Kong.
The declines came after media reports over the weekend that Hamas had given...
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