CHU - Amid day's rally BlackRock selling stakes in Chinese telecoms

The state-owned Chinese telecoms have rallied on the New York Stock Exchange - gains that come after a strong move up in Hong Kong following a record inflow of cash from mainland China. Hong Kong stocks saw a record HK$19.5B (about $2.5B) in purchases Monday, with China Mobile (CHL +5.4%), China Telecom (CHA +3.3%) and China Unicom (CHU +10.2%) leading the volumes. China Mobile, the biggest of the three, was responsible for a net HK$11B in purchases. BlackRock is now selling stakes in the sanctioned mobile firms, Bloomberg reports.

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Amid day's rally, BlackRock selling stakes in Chinese telecoms