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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (63890)	5/17/2002 2:32:58 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Hang Seng climbs as China Mobile jumps Friday May 17, 1:37 PM sg.news.yahoo.com HONG KONG (Reuters) - China Mobile helped push up Hong Kong's stock index on Friday morning as the stock jumped 5.6 percent on news it would buy eight provincial networks from its state-owned parent in a US$10.2 billion deal. The acquisition will boost the mainland company's subscriber base and challenge British-based Vodafone Group's position as the world's biggest mobile phone carrier. As part of the deal Vodafone will increase its stake in China Mobile to 3.27 percent from 2.18 percent by buying US$750 million worth of new shares in the company at HK$24.72 each. China Mobile dominated action among Hong Kong blue chips and led the Hang Seng Index up 1.04 percent, or 123.25 points, to 11,956.02 by the lunchtime break. The index is now poised to try and break stiff psychological resistance at 12,000, analysts said. The Hang Seng has not hit 12,000 since last August although it came close last week, reaching 11,962. "If there is continued momentum in China Mobile, the index could hit 12,500 by the end of the month," said Herbert Lau, research director at Celestial Asia Securities.