Hong Kong shares in biggest gain in 2 weeks, China Unicom surges

HONG KONG Thu Oct 3, 2013 4:08am EDT

HONG KONG Oct 3 (Reuters) - Hong Kong shares had their biggest gain in two weeks on Thursday, lifted by the Macau casino and Chinese consumer sectors on hopes that stronger Chinese visitor numbers in the Golden Week holiday will enhance revenue.

The Hang Seng Index ended up 1 percent at 23,214.4 points, its biggest daily gain since Sept. 19. The China Enterprises Index of the top Chinese listings in Hong Kong climbed 1.8 percent.

Gains came in tepid turnover - nearly 10 percent below its 20-day moving average - but helped both indexes erase losses on Monday.

Sands China and Galaxy Entertainment hit record highs after a strong start to the Oct. 1-7 National Day holiday and data showed Macau gambling revenue jumped 21.4 percent in September from a year earlier.

China Unicom surged 8.4 percent and China Telecom spiked 7.6 percent, with traders citing speculation that mainland authorities may reduce settlement fees for users at these two smaller telecom operators. This could ensure fairer competition between them and China Mobile, whose shares slipped 0.7 percent.

A spokesperson for China Telecom said the company had not received any notification, while China Unicom was not immediately available for comment.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.