Lenovo shares hit 4-month low on concern over PC outlook
(Reuters) - Shares of Lenovo Group Ltd, the world's No.2 PC maker, fell by more than 6 percent to a more than four-month intraday low on market concern over the outlook for the PC market amid the global economic slowdown.
Lenovo's shares fell as much as 6.3 percent to HK$6.26 in afternoon trade, extending earlier losses and hitting the lowest intraday level since February 9.
"The huge increase in volume suggests that a major holder is now exiting the stock," said a trader who declined to be identified because he was not authorized to speak to the media.
An analyst said Lenovo's stock had outperformed peers such as market leader Hewlett-Packard Co and No.3 PC vendor Dell Inc this year, but worries over Europe's economy and a further slowdown in China might dampen PC demand and could affect the Chinese company.
Lenovo shares are still up 22 percent so far this year, outperforming the main Hang Seng Index's 2.9 percent gain, Dell's 16.7 percent fall and HP's 20.1 percent loss.