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Hong Kong shares gain 1.3 pct, telcos gain on 3G
HONG KONG, Jan 05, 2009 (Reuters via COMTEX) --
Hong Kong shares rose 1.3 percent on Monday,
with China Mobile rising for a second day on hopes that Chinese telecom
operators will soon be issued licences to offer third generation (3G) services.
China's Lenovo Group climbed 4.1 percent after the Chinese magazine
Caijing said the world's No.4 personal computer maker was set to announce a
major restructuring plan on Jan. 8 including changes of its top management.
The Hang Seng Index ended the morning session 1.3 percent higher at
15,230.87 with a 1.3 percent drop in HSBC Holdings limiting gains.
"HSBC still faces a lot, many challenges in its U.S. and UK markets and
the stock rebounded quite a lot on Friday," said Castor Pang, strategist with
Sun Hung Kai Financial.
"The U.S. markets are leading Asian markets to a short-term recovery but
it's not time to get bullish yet. This rebound is only a short-term phenomenon,"
he said.
The China Enterprises Index of top locally listed mainland Chinese firms
had risen 1.9 percent to 8,475.51 tracking a 2.1 percent rally on the Shanghai
bourse on its first trading day of the year.
Aluminum Corp of China jumped 5.7 percent, tracking similar gains in its
Shanghai listed scrip on hopes that it would benefit from the government's
infrastructure building plans.
Energy stocks rose sharply for a second day in a row as oil prices
continued to edge up after an Iranian military commander called for an oil
boycott on heightened violence in the Middle East, while a Russian supply row
added to geopolitical tensions.
Oil stayed above $47 a barrel in Asian trade on Monday.
Offshore oil producer CNOOC rose 4.7 percent while Asia's largest oil and
gas producer PetroChina rallied 3.5 percent.
Bourse operator Hong Kong Exchanges & Clearing (HKEx) jumped 4.2 percent
on hopes of recovering volumes and turnover on the mainboard as investors
returned to the market after a long Christmas and New Year holiday.
Turnover slumped to two-year lows in the last few days of December as
long stretches of holidays kept investors on the sidelines but recovered to
HK$25.1 billion ($3.2 billion) on Monday as compared with HK$15.6 billion by
midday on Friday.
Fixed-line operator PCCW fell 3.3 percent after Citigroup cut its rating
on the stock to hold from sell following a sharp run-up in the stock since
October on buyout hopes.
A rejection of the revised privatisation offer, up to HK$4.50 per share
from HK$4.20, is expected to signal a 15 percent correction in the stock price,
said Citi in a report on Monday.
The stock, which soared 7.2 percent to HK$3.7 on Dec. 31 after
controlling shareholders Richard Li and China Netcom announced the improved
takeover offer price, slipped to HK$3.54 on Monday.
China Mobile, the world's largest wireless carrier, rose 2.2 percent,
adding to Friday's 4.4 percent rally after Beijing finally approved the issuance
of licences for new mobile networks.
Smaller rival China Unicom gained 4.6 percent.
(Reporting by Parvathy Ullatil; Editing by Jacqueline Wong) ASIA-PACIFIC
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(Reuters Messaging: parvathy.ullatil.reuters.com@reuters.net; +852 2843-6415)
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