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China Telecom sets pace

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China Telecom led a narrow market to fresh highs yesterday on positive sentiment towards the mainland play and with the support of leading property counters.

The Hang Seng Index ended 186.58 points, or 1.22 per cent, stronger at 15,461.11 after reaching a 27-month intraday high of 15,581.96.

Turnover was $9.8 billion, with China Telecom seeing the most active trade at $1.03 billion.

The telecommunications stock ended 6.71 per cent stronger at $41.30, down from a session high of $43.50.

'There is no main issue,' HSBC analyst David Gibbons said of China Telecom.

'There was talk of a warrant issue . . . it seems to be technical, not fundamental.

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