China Telecom Shares Fall Most in a Year After Pacific Crest Cuts Rating
China Telecom Corp., the country’s biggest fixed-line phone carrier, fell the most in Hong Kong trading in almost a year after Pacific Crest Securities cut its investment rating on the stock.
China Telecom dropped as much as 5.8 percent, the steepest intraday decline since April 29. The shares traded at HK$4.93, down 5 percent, as of 11:23 a.m. in Hong Kong.
The phone carrier’s rating was lowered to “sector perform” from “outperform” by Pacific Crest’s Steve Clement, the top China Telecom analyst over the past year according to the Bloomberg Absolute Return Rank.
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