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Hong Kong shares fall with Chinese telecom stocks

Mon Jun 2, 2008 10:05pm EDT

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HONG KONG, June 3 (Reuters) - Hong Kong shares were set to open 1.11 percent lower on Monday, led by sharp falls in Chinese telecom stocks which resumed trading after a telecom industry shake-up announced on Monday.

China

Shares in Chinese telecoms stocks tumbled after wireless carrier China Unicom (0762.HK) said it was paying $24 billion to take over China Netcom (0906.HK) and was unloading its underperforming CDMA network to China Telecom (0728.HK).

China Unicom fell 4.6 percent while fixed-line provider China Telecom was 5.6 percent lower and China Netcom gave up 3.9 percent.

The benchmark Hang Seng Index was seen opening 275.18 points at 24,556.18. The China Enterprises Index .HSCE which measures the performance of top Hong Kong-listed mainland stocks was down 1 percent at 13,889.25. (US$1=HK$7.8) (Reporting by Parvathy Ullatil; Editing by Anne Marie Roantree) (parvathy.ullatil@thomsonreuters.com; Reuters Messaging parvathy.ullatil@thomsonreuters.com)

China


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