BoA trims stake in Construction Bank

HONG KONG: China Construction Bank shares fell sharply yesterday after US lender Bank of America sold 5.62 billion shares, or a 13 percent stake, in the Chinese lender for $2.83 billion.

CCB stock fell 8.31 percent to close at HK$4.08 in Hong Kong, making it one of the biggest losers for the day. In contrast, the benchmark Hang Seng Index ended the day 3.16 percent lower.

The CCB shares were sold at around HK$3.92 per share, reflecting a 12 percent discount over Tuesday's close of HK$ 4.45. Bank of America is expected to book profits of around $1.13 billion from the stake sale.