Hong Kong shares in biggest gain in two weeks, China Unicom surges

PUBLISHED : Thursday, 03 October, 2013, 2:43pm
UPDATED : Thursday, 03 October, 2013, 4:51pm

Hong Kong shares had their biggest gain in two weeks on Thursday, lifted by the Macau casino and Chinese consumer sectors on hopes that stronger Chinese visitor numbers in the Golden Week holiday will enhance revenue.

The Hang Seng Index ended up 1 per cent at 23,214.4 points, its biggest daily gain since September 19. The China Enterprises Index of the top Chinese listings in Hong Kong climbed 1.8 per cent.

Gains came in tepid turnover - nearly 10 per cent below its 20-day moving average - but helped both indexes erase losses on Monday.

Sands China and Galaxy Entertainment hit record highs after a strong start to the October 1 to 7 National Day holiday and data showed Macau gambling revenue jumped 21.4 per cent in September from a year earlier.

China Unicom surged 8.4 per cent and China Telecom spiked 7.6 per cent, with traders citing speculation that mainland authorities may reduce settlement fees for users at these two smaller telecom operators. This could ensure fairer competition between them and China Mobile, whose shares slipped 0.7 per cent.

A spokesperson for China Telecom said the company had not received any notification, while China Unicom was not immediately available for comment.