Shares in Glencore International fell as much as three per cent on their Hong Kong trading debut, dented by concerns over valuations and the outlook for commodities after a lacklustre start in London the previous day.
The dual listing in London and Hong Kong puts an end to the drawn-out process of taking the 37-year old commodities trader public at a time when prices for copper, oil and other raw materials have been falling sharply.
Glencore chief executive Ivan Glasenberg - an intense and ambitious former coal trader - sounded bullish on the outlook for commodities and blamed the first day performance to general weakness in stock markets around the world.
"Commodity prices have decreased considerably the past few weeks," Glasenberg told reporters after the listing ceremony at the downtown offices of Hong Kong Exchanges and Clearing
City A.M. Reporter