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Hong Kong benchmark reaches 5-week high on China Mobile gains
May 20, 2014 / 8:07 AM / 4 years ago

Hong Kong benchmark reaches 5-week high on China Mobile gains

HONG KONG, May 20 (Reuters) - Hong Kong’s benchmark index rose to a five-week closing high on Tuesday, helped by China Mobile after a broker upgrade pushed shares of the telecom giant to their highest since January.

The Hang Seng Index ended up 0.6 percent at 22,834.68 points, its highest close since April 14.

The China Enterprises Index of the leading offshore Chinese listings in Hong Kong was down 0.3 percent, pulled down mainly by weaker Chinese banks in the afternoon.

China Construction Bank Corp, Tuesday’s biggest drag on indexes, shed 0.7 percent.

China Mobile Ltd rose 1.8 percent to its highest close since Jan. 8 after Goldman Sachs put the world’s largest telecom carrier by subscriber base on its conviction buy list. Competitor China Unicom Hong Kong Ltd, on which Goldman has a neutral rating, was down 3.1 percent.

Lenovo Group Ltd gained 2 percent ahead of its results on Wednesday. (Reporting by Grace Li; Editing by Richard Borsuk)

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