Sat. May 21st, 2022

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China telecom firms’ shares sank

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Shares of three Chinese telecommunications firms in Hong Kong fell once again after index giant MSCI announced it will delete the firms’ Hong Kong-listed securities from some of its indexes.

In Friday morning trade, shares of China Mobile fell 5.2% while China Unicom slipped 7.42%. China Telecom declined 8.87%.

The MSCI development came on the back of the New York Stock Exchange’s announcement that it will delist the U.S.-listed stocks of those three Chinese telecommunication giants to comply with an executive order signed by President Donald Trump last year.

The broader Hang Seng index in Hong Kong gained 1.17%. Mainland Chinese stocks dipped: The Shanghai composite shed 0.62% while the Shenzhen component declined 0.948%.


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