HSBC Shares Stumble, Buyback Plan Fails To Impress
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2018-05-04 HKT 12:53
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HSBC shares plunged as much as 2.7 percent in afternoon trading in Hong Kong, with investors seemingly unimpressed by a US$2 billion share buyback announced by the banking giant.
HSBC announced the buyback plan as it reported that its pre-tax profit dipped four percent to US$4.76 billion in the first quarter.
The profit shrank mainly because a nearly 13 percent rise in operating expenses that outpaced revenue growth of 5.5 percent.
HSBC said the rise in costs was due to investment in its retail banking businesses in its core markets of Britain and China.
The shares ended the day down 3.5 percent, at HK$74.95.
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Last updated: 2018-05-04 HKT 19:10
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