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HK shares jump 2.3 pct as 3G hopes propel telcos
HONG KONG, Jan 02, 2009 (Reuters via COMTEX) --
Hong Kong shares rang in 2009 on a strong note,
climbing 2.3 percent on Friday, with Chinese telecom companies and equipment
makers outperforming on hopes of the imminent issuance of 3G licences and
resources stocks gaining on higher oil prices.
Asia's top oil and gas producer PetroChina jumped 3.8 percent to HK$7.05
while offshore oil producer CNOOC rose 3.5 percent.
Oil pulled back more than 4 percent in Asian trade Friday, but the
retreat followed a 14 percent surge in crude prices on Wednesday.
The Hang Seng Index ended the morning session 325.22 points higher at
14,712.70 after opening up 0.4 percent.
Turnover stayed slim at HK$15.6 billion ($2.01 billion) compared with
HK$19.5 billion by midday on Wednesday, with many market participants still away
on holidays.
The China Enterprises Index of top locally listed mainland Chinese firms
had risen 2.5 percent to 8,092.25.
3G HOPES PROPEL TELCOS
Chinese telecom service providers and equipment makers surged after
China's state council said on Wednesday it had approved the issuance of
long-awaited licences for next generation (3G) mobile networks, opening the door
to some $41 billion in spending for equipment.
Shares in the world's largest wireless carrier China Mobile gained 2.7
percent at HK$79.90 but lagged those in smaller rivals China Unicom and China
Telecom .
"Winning market share will be the primary goal of these operators and the
possibility of cut-throat price competition cannot be ruled out," said Kary Sei,
analyst with ICEA Securities Asia Ltd.
China Mobile was the top traded stock of the morning with shares worth
HK$599.7 million changing hands.
China Unicom rose 6.3 percent while China Telecom, the newest entrant to
China's wireless telecommunication industry, rallied 5.5 percent.
Shares in telecommunications equipment makers, billed to be the biggest
beneficiaries of new spending on technology and network upgrades, soared. ZTE
rose 7.4 percent while Comba Telecom Systems, climbed 9.3 percent.
China Communications Services Corp gained 6.6 percent while China
Wireless shot up 17.1 percent.
China's state council on Wednesday approved the issuance of long-awaited
licences for 3G mobile networks but did not say when the licences would be
issued by the Ministry of Industry of Information.
(Reporting by Parvathy Ullatil; Editing by Jonathan Hopfner) ASIA-PACIFIC
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(Reuters Messaging: parvathy.ullatil.reuters.com@reuters.net; +852 2843-6415)
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