China Mobile shares hit HK$100 on iPhone hopes

Shares in China Mobile hit HK$100 for the first time in six years during early trading on Wednesday.

Demand for the stock was heavy ahead of Apple’s launch of the latest version of its iPhone, expected later this month, driving positive sentiment about use of 4G services in China.

China Mobile was the first mobile operator to roll out its 4G network, which is the industry’s most developed.

At 11.45am, shares of China Mobile gained 2.96 per cent to HK$100.90, while its smaller rivals China Telecom and China Unicom shed 0.4 per cent and 2.1 per cent, respectively.

The benchmark Hang Seng Index added 1.17 per cent.

-scmp.com