Units of Singapore-listed Hutchison Port Holdings Trust (HPHT.SI), which owns port assets, fell as much as 2.5% on Thursday to a record low, as traders said a weaker U.S. dollar made its distribution income less attractive.
At 11:18 a.m., Hutchison Port units were 1.9% lower at $0.775, with over 30.7 million units changing hands.
At 11:18 a.m., Hutchison Port units were 1.9% lower at $0.775, with over 30.7 million units changing hands.
Hutchison Port pays out its distributable income to unitholders in U.S. dollars, which has been falling against most Asian currencies, thus making it less attractive to investors in the region, traders said.
“Moreover, the whole shipping industry is not doing well, and with China’s economy slowing down, some investors may be concerned,” said a local dealer.
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