Yang Ming Marine Transport, the island’s second-largest container shipping line, led shipping companies lower after several shipping companies were downgraded by Morgan Stanley and Citigroup Inc.
Yang Ming dropped 3.2 percent to NT$18.10 as of 9:10 a.m., the biggest loss since June 29. The company was downgraded to “underweight” from “overweight” by Morgan Stanley analysts led by Sophie Loh, who said the stock’s surge over the past two months has priced in the “near-term positives.”
Evergreen Marine Corp. retreated 2 percent to NT$22.25 after it was cut to “equal-weight” from “overweight” by Morgan Stanley. U-Ming Marine Transport Corp. fell 0.6 percent to NT$63.80 after its stock rating was reduced to “sell” from “buy” by Citigroup.
Yang Ming dropped 3.2 percent to NT$18.10 as of 9:10 a.m., the biggest loss since June 29. The company was downgraded to “underweight” from “overweight” by Morgan Stanley analysts led by Sophie Loh, who said the stock’s surge over the past two months has priced in the “near-term positives.”
Evergreen Marine Corp. retreated 2 percent to NT$22.25 after it was cut to “equal-weight” from “overweight” by Morgan Stanley. U-Ming Marine Transport Corp. fell 0.6 percent to NT$63.80 after its stock rating was reduced to “sell” from “buy” by Citigroup.