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HONG KONG, Sept 26 (Reuters) – Shares of global exporter Li
& Fung Ltd fell 4.7 percent to their lowest in nearly
four weeks on Thursday after a report said its major customer
Wal-Mart Stores Inc is cutting orders to suppliers.
A spokesman for Wal-Mart said the Bloomberg News story was
inaccurate, although the company’s shares still fell 1.5 percent
on Wednesday.
Li & Fung did not immediately respond to a request for
comment.
Shares of Li & Fung fell as low as to HK$11.22, the lowest
since September 2. The stock was at HK$11.32 as at 0144 GMT,
down 3.9 percent, compared to a 0.6 percent fall in the
benchmark Hang Seng Index.
(Reporting by Donny Kwok; Editing by Anne Marie Roantree)
