CK Hutchison hits 1-1/2-year peak after Panama Canal stake sale to BlackRock

Shares of Hong Kong conglomerate CK Hutchison 0001.HK jump as much as 24.7% to HK$48.20, their highest since August 1, 2023

Stock last up 22.6%, on course for biggest one-day pct rise since May 2015; top pct gainer on the benchmark Hang Seng Index .HSI, which rises 1.4%

CK Hutchison has agreed to sale of a majority stake in its ports unit, which includes key assets that run either side of the Panama Canal, to a BlackRock BLK.N-led group

The sale will give the consortium a 90% stake in Panama Ports Company, which has been the operator of the Balboa and Cristobal ports in the Central American country for more than two decades, CK Hutchison said on Tuesday

The Hang Seng Commerce & Industry Index .HSNC rises 1.6%, the Hang Seng Composite Index tracking conglomerates .HSCIC jumps 11.2%

Stock up 14.5% YTD