Hong Kong shares rise, Chinese telecoms strong

HONG KONG, July 14 Mon Jul 14, 2014 4:08am EDT

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)

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