Global mobile phone Hong Kong Stocks Advance on China Stimulus Plan Speculation

-- Hong Kong stocks rose, reversing declines, as investors bet more government support measures from China will help ease an economic slowdown.
China Unicom (Hong Kong) Ltd., the country’s No. 2 mobile- phone company, added 4.2 percent after Citigroup Inc. recommended investors to buy the stock. TCL Multimedia Technology Holdings Ltd., the television unit of China’s biggest consumer-electronics maker, advanced 2.6 percent after the nation approved a stimulus package for the electronics and information-technology industry.

“China’s stimulus comes in the form of a systematic package to save individual sectors one by one,” said Danny Yan, a portfolio manager at Taifook Asset Management Ltd. in Hong Kong, which manages about $500 million. “That presents opportunities for us fund managers to do rotational buying.” His fund has been buying shares in electronics and water resources companies.
The Hang Seng Index added 7.36, or 0.1 percent, to close at 13,023.36. The gauge reversed a drop of as much as 1.8 percent during the last 30 minutes of trading. The Hang Seng China Enterprise Index, which tracks so-called H-shares, climbed 0.7 percent to 7,266.24.
“Government measures are the focus,” said Castor Pang, a Hong Kong-based strategist at Sun Hung Kai Securities Ltd. “When it comes to Thursday or Friday, the market starts a new round of speculation about China announcing rate cut over the weekend.”


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