Shares of CTG DUTY-FREE plummeted by 7.34% on October 9th, following news that JPMorgan Chase has decreased its long position in the company's H shares.
According to a filing with the Hong Kong Stock Exchange, JPMorgan Chase reduced its holdings in CTG DUTY-FREE's H shares from 9.35% to 8.53% as of October 4th.
The move by the major institutional investor to trim its stake in the Chinese duty-free retailer appears to have contributed to the significant drop in CTG DUTY-FREE's share price on the day. Analysts suggest that such sizable reductions in holdings by influential investors can often trigger selling pressure and weigh on a stock's performance.
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