SINGAPORE (Nov 19): PSA International, the second-largest shareholder of Hutchison Port Holdings Trust, is averaging down its purchases in the latter. On Nov 8, the state-owned port operator bought 2.94 million shares for US$732,629 ($1 million). That works out to an average price of just over 24.9 US cents. HPH Trust, which runs container terminals in Hong Kong and China, has seen its shares fall 36% year to date as US-China trade tensions continue. The stock closed on Nov 14 at 25.5 US cents, close to its all-time low of 23 US cents.

PSA’s Nov 8 purchase follows an earlier round made on Nov 1, when a little over 7.3 million shares were bought for US$1,789,488, which translates into an average price of 24.4 US cents. Nevertheless, the purchases this month pale in comparison with the quantity bought five months ago. On June 6, PSA bought more than 53 million shares at an average price of 29.7 US cents.

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