3 months ago
Stock Market

Shares of China Railway Drop Despite Plans to Enter Panama Market

Investing.com - State-owned China Railway Construction (HK:1186) saw its shares fall 1.95% to HK$10.08 on

Investing.com - State-owned China Railway Construction (HK:1186) saw its shares fall 1.95% to HK$10.08 on Thursday morning in Asia, despite the company’s upcoming project in Panama.

China Railway’s Chairman Chen Fenjian met with President Juan Carlos Varela earlier in the week to discuss entering the market in Panama and building infrastructure in the country. The Chinese company seeks to “strengthen the cooperation and exchanges regarding building infrastructure and investment.”

Chen visited Panama with Chinese President Xi Jinping, who stressed the need for more collaboration between the two countries and offered help to build a high-speed railway connecting Panama City with the western province of Chiriqui, according to China Daily.

China and Panama signed an agreement under the Belt and Road Initiative in November last year on technology cooperation and boosting China’s involvement in Panama’s rail network.