HK shares consolidate after China Mobile net
(Reuters)
Updated: 2006-08-18 09:37
HONG KONG - Hong Kong stocks are expected to consolidate between 17,300 and
17,400 on Friday after cellular carrier China Mobile Ltd. posted its smallest
quarterly earnings growth in a year, which was in line with expectations.
Non-life insurer PICC Property and Casualty Co. Ltd. will be in focus ahead
of its earnings later in the day after Ping An Insurance, China's second-largest
life insurer, this week saw an 83 percent jump in first-half profit.
The Hang Seng index fell 0.45 percent to 17,373.05 on Thursday.
"We'll be quite quiet after China Mobile's results and ahead of the weekend,"
said Steven Leung, sales director at UOB Kian Holdings. "Only China Mobile's
special dividend may push its share price a bit higher."
China Unicom Ltd., the smaller of the country's two
mobile telecoms operators, said on Friday it added 1.07 milion subscribers in
July.
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