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China Mobile falls after 3G licence issue

(Agencies)
Updated: 2009-01-07 15:59

Related readings:  China finally awards telecom operators 3G licences

Hong Kong-listed Chinese telecom stocks fell further after the central government confirmed it was handing out the long-awaited licences for next generation mobile networks on Wednesday afternoon.

China Mobile gave up 4.1 percent to HK$79.60 after a strong two-day rally on hopes for an imminent issue of the 3G licences.

China Unicom, which soared nearly 17 percent on the 3G talk, pulled back 9.7 percent to HK$9.28 while China Telecom fell 5.6 percent.