Hong Kong shares rise, Chinese telecoms strong
HONG KONG, July 14
HONG KONG, July 14 (Reuters) - Hong Kong shares finished higher on Monday as China's three state-owned wireless carriers outperformed after they announced a deal on a joint infrastructure firm,
The Hang Seng Index closed up 0.5 percent at 23,346.67 points.
The China Enterprises Index of the leading offshore Chinese listings in Hong Kong climbed 0.8 percent, its third straight daily gain.
Leading gains on the Hang Seng was China Unicom, which spiked 4.7 percent. China Mobile and China Telecom moved up 2.6 and 3.9 percent, and were the top index boosts respectively on the benchmark and H-share indexes.
The three largest telecoms in China said late on Friday they had agreed to jointly establish a telecommunications tower company with a registered capital of 10 billion yuan ($1.61 billion), which analysts said would cut their costs.
Chinese carmakers were also stronger on new policy support from Beijing for electric and plug-in hybrid cars. Warren Buffett-backed BYD rose 3.8 percent. ($1 = 6.2045 yuan) (Reporting by Grace Li; Editing by Kim Coghill)
- Moscow fights back after sanctions; battle rages near Ukraine crash site |
- U.S. man sues soccer star Cristiano Ronaldo over CR7 trademark
- Gaza toll soars as Israel 'days' from completing tunnel hunt
- Obama to Republicans: ‘Stop just hatin’ all the time’
- Argentina braces for market reaction to second default in 12 years