H-Shares Climb on Teleco User Reports
Hong Kong's Hang Seng Index rose 1.06% to close at 21,701.14 on September 22, in main board trading volume of HK$49.95 billion.
Telecom shares rose Tuesday, following carriers' announcements of August user statistics on Monday. Comba Telecom Systems (2342.HK) rose 5.38%, SmarTone Telecommunications Holdings (0315.HK) grew 4.07%, China Mobile (NYSE:CHL, 0941.HK) climbed 2.42% and China Telecom (NYSE:CHA, 0728.HK) gained 0.52%.
Food, beverage, and textile shares were weak Tuesday, with Kam Hing International Holdings Ltd (2307.HK) diving 9.39%, Tsingtao Brewery Company Limited (0168.HK, 600600.SH) declining 1.87% and China Mengniu Dairy Company Limited (2319.HK) dropping 1.61%. .
Hong Kong's consumer price index fell 1.6% year-on-year in August, caixun.com reports.
Geely Holding Group confirmed September 21 that a Goldman Sachs-managed (NYSE:GS) fund intends to invest about RMB 250 million in Geely Automobile Holdings (0175.HK) to assist the subsidiary's long-term development, reports China Business News. The investment is meant to relieve capital pressure brought on by the parent company's move to acquire Ford Motor Company's (NYSE:F) Volvo, the report claimed. Goldman Sachs confirmed that negotiations are under way but refused to disclose details, said the report.
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