PCCW Surges After Inclusion in Morgan Stanley List
PCCW Ltd. rose to the highest level in more 17 months after Morgan Stanley added Hong Kong’s biggest phone company to a list of recommended stocks.
PCCW rose 5.9 percent to close at HK$3.03, the highest level since May 2009, in Hong Kong trading. The stock has gained 62 percent this year, outperforming the 8 percent increase in Hong Kong’s benchmark Hang Seng Index.
Morgan Stanley added PCCW, Bank of East Asia Ltd., and Great Eagle Holdings Ltd. to its “Hong Kong Strategy Focus List,” strategists including Jerry Lou wrote in a note today. BOC Hong Kong Holdings Ltd., Industrial & Commercial Bank of China Asia Ltd., and Giordano International Ltd. were removed from the list, according to the note.
PCCW, controlled by billionaire Chairman Richard Li, is the best-performing stock in the MSCI Asia Pacific Telecommunication Services Index this year.
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