HK Stock Market Move | Pacific Shipping (02343) rises over 5% again, the company repurchases shares exceeding 1 billion Hong Kong dollars within the year, shareholders recently increase their holdings by 25 million shares.

Pacific Shipping (02343) surged by over 5%, rising by 4.43% to HK$1.65 as of the time of writing, with a turnover of HK$17.89 million. In terms of news, on April 7th, Pacific Shipping spent HK$44.45 million to repurchase 27.627 million shares. The company has conducted a total of 17 repurchases this year, repurchasing a total of 63.548 million shares with a total repurchase amount of HK$105 million. In addition, Pacific Shipping obtained 25 million common shares from CARAVEL MARITIME VENTURES INC. and its affiliates, worth approximately HK$40.25 million, increasing its shareholding from 8.67% to 9.16%. Pacific Shipping's full-year performance shows a revenue of US$2.582 billion, an increase of 12.41% year-on-year; a net profit attributable to shareholders of US$132 million, an increase of 20.4% year-on-year; basic earnings per share of 2.54 US cents; and a proposed final dividend of 5.1 HK cents per share. Bank of America Securities previously noted that dry bulk goods have entered a downward cycle this year, with Pacific Shipping's locked-in freight rates in the first quarter decreasing year-on-year. It is expected that the company's profits for this year will decline year-on-year, with a potential downside of 50% compared to market expectations.