Stock market experts are forecasting a further upward trend for the share.
(Photo: Bloomberg)
Beijing, Frankfurt No company is bringing as many electric cars onto the market as the Chinese group BYD. Nevertheless, its course fell by 13 percent on Wednesday. The reason for this was that Warren Buffett sold off a small portion of his holdings.
The CEO of private equity firm Berkshire Hathaway cut his stake in BYD from 20.04 percent to 19.92 percent on Aug. 24, stock market data showed. That was enough for the Chinese electric car manufacturer’s shares to fall by up to 13 percent on the Hong Kong stock exchange on Wednesday. The stock has lost more than a quarter of its value since peaking in June.
If the star investor changes his stock holdings, the financial professionals take a close look. You could interpret Buffett’s position reduction as the beginning of a divestment of exposure, Bridget McCarthy, an analyst at hedge fund Snow Bull Capital, told Bloomberg. She thinks profit-taking is a possible motive.
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