Money

CIC sold $90.5m of Morgan Stanley shares on July 30

(Agencies)
Updated: 2010-08-04 16:34

China Investment Corp, the Chinese sovereign wealth fund that bought a 9.9 percent stake in Morgan Stanley in 2007, sold $90.5 million of shares in the investment bank on July 30, bringing the total amount divested in the last two weeks to about $558 million.

Related readings:  CIC may invest up to $25b in Indonesia  CIC reaps gains from rosy overseas investments  Sovereign?wealth fund?gains 11.7% in 2009  CIC 2009 net profit rises to $41.7b

CIC sold 3.34 million shares at a weighted average of $27.10 on July 30, the Beijing-based fund said today in a regulatory filing. CIC still owns 155.7 million Morgan Stanley shares, according to the filing.

The fund has sold 20.54 million shares since July 21, the day New York-based Morgan Stanley jumped by the most in more than a year after reporting better-than-expected earnings.

The shares fell 19 cents, or 0.7 percent, to $27.49 at 4 pm in New York Stock Exchange composite trading.