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Boxlines plunge as US lawmakers reject Wall St bailout plans

Boxlines plunge as US lawmakers reject Wall St bailout plans

Singapore: Containerlines across Asia took a battering today as investors linked the decision by the US House of Representatives to reject a $700bn bailout of Wall Street to a prolonged US recession and by extension less demand for Asian made goods.
Orient Overseas (International) Ltd and China Shipping Container Lines Co slipped more than 10 percent on the Hong Kong bourse.
Neptune Orient Lines plunged the most in more than a year in Singapore trading on concerns about slowing global trade and a bid to buy TUI AG's Hapag-Lloyd.
The company declined as much as 10 percent to S$1.67, the biggest intraday drop since August 16, 2007, and was at S$1.77 at 12:36 p.m. Yesterday, the Singapore-based shipping line dropped 6.1 percent after announcing that it made an offer to buy Hapag- Lloyd. [30/9/08]

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