Glencore shares down 2.8% in Hong Kong debut

25th May 2011, Comments 0 comments

Shares in Swiss commodities giant Glencore opened 2.8 percent lower in their Hong Kong trading debut Wednesday, after the shares' London debut drew a tepid response following the year's biggest IPO.

The firm's shares touched HK$64.65 ($8.31) in early trading, down from their HK$66.53 IPO price, with the world's biggest commodities trader by revenue raising about $10 billion ahead of the dual listing.

Glencore shares in London sank to 525 pence ($8.49) at close on Tuesday, or 0.84 percent below their IPO price of 530 pence each, despite the float being among the most anticipated of the year amid soaring commodities demand in Asia.

© 2011 AFP

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