Industrial and Commercial Bank of China <1398.HK><601398.SS>
on Tuesday said Allianz <ALVG.DE> and American Express <AXP.N>
had sold shares in the Chinese lender.
The stock fell 5.9 percent on Monday in anticipation of
strategic investor exits when the lock-up on a portion of its
shares expires on Tuesday.
"Some of the overhang from the share sale may be removed but
the stock may not find any respite today after the bank
disappointed with its Q1 earnings, particularly the new interest
income was lower than expected," said Conita Hung, head of equity
markets with Delta Asia Securities.
ICBC <1398.HK>, the world's biggest bank by market value,
posted a 6.2 percent increase in first-quarter profit on Monday
due to loan growth and higher fees, but investors were
disappointed with the 12.9 percent drop in its net interest
income.
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