Hong Kong shares up on telecoms

Comment on this story

Beijing - Hong Kong shares rose on Wednesday, though gains in heavyweight telecom stocks were offset by selling of casino counters after China initiated a probe into illegal payments in Macau.

The Hang Seng Index closed up 0.4 percent at 21,837.12 points.

The China Enterprises Index of the leading offshore Chinese listings in Hong Kong was up 0.8 percent.

Telecoms shares provided the strongest gains for both indexes on the back of plans for the three major mainland carriers to develop a joint venture to share infrastructure costs.

China Unicom Hong Kong Ltd and China Mobile Ltd were up 3.1 percent and 3.4 percent respectively.

China Telecom Corp Ltd gained 5.3 percent.

Casino stocks slumped after China's state-backed UnionPay announced fresh measures to crack down on illegal payment channels in the world's largest gambling hub.

Shares in Galaxy Entertainment Group Ltd fell 7.6 percent, while Sands China Ltd was down 4.6 percent. - Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines