Hong Kong shares fall 1 pct on telecoms sell-off

BEIJING, April 23 Wed Apr 23, 2014 4:09am EDT

BEIJING, April 23 (Reuters) - Hong Kong stocks fell 1 percent on Wednesday, hurt by a sell-off in telecoms shares after the mainland's biggest carrier China Mobile posted its third straight quarterly decline in profits.

The Hang Seng Index closed at 22,509.64 points. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong fell 1.3 percent.

China Mobile Ltd shares fell 2.6 percent after the company posted another quarterly profit decline as messaging apps continue to eat away at its core revenue.

China Unicom Hong Kong Ltd, the country's No.2 mobile service provider, also saw its shares take a hit on the news, losing 3.1 percent.

Tencent meanwhile, gained 0.9 percent, boosted by a rally on the Nasdaq index overnight as technology stocks clawed back losses from a sell-off in previous few weeks. (Reporting By Natalie Thomas; Editing by Kim Coghill)

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