Hong Kong Market gains on telecom rally

Hong Kong stock market finished session higher on Monday, 11 January 2021, building on last week's rally, as investors bought the dip in three Chinese telecoms giants following a sell-off last week. At closing bell, the benchmark Hang Seng Index advanced 0.11%, or 30 points, to 27,908.22. The Hang Seng China Enterprises Index added 0.95%, or 103.96 points, to 11,059.51.

Shares of three Chinese telecoms giants gained on speculation mainland funds were shoring them up after last week slump following decisions by major index compilers to remove them from several global stock and bond indices. China Mobile jumped 5.8% to HK$43.90 while China Unicom climbed 5.7% to HK$4.66 and China Telecom rose 1.5% to HK$1.99. Shares of Sunny Optical also gained with traders expecting the phone lens maker to be included in a list of Apple suppliers later this month or in February. The stock surged 5.2% to a record HK$199.

 

Shares of property developers also advanced. China Overseas Land & Investment added 5.4%, China Resources Land gained 4.2%. China Evergrande rose 3.2%.

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