ingapore Telecommunications shares gained the most in almost two weeks on speculation earnings at its units will grow this year even as economic growth in Asia falters, reports Bloomberg.
SingTel, Southeast Asia’s biggest telecommunications company, rose 3.2% to trade at $2.64, the sharpest gain since Jan 16.
“There is still some growth in regional telcos,” Carey Wong, an analyst at Oversea-Chinese Banking Corp.’s broking unit, said in a telephone interview. “SingTel’s associates are serving under-penetrated markets, giving them room for growth.”
SingTel is due to announce third-quarter earnings on Feb 10. Bharti Airtel, India’s largest mobile-phone operator that is 15.6% owned by SingTel, last week said third-quarter profit climbed 26% after the company added record subscribers and widened its lead over rivals.
Besides Bharti, SingTel owns stakes in mobile-phone operators in Thailand, Indonesia, Philippines and Pakistan. It also fully owns Optus, Australia’s second-largest telecommunications company.
Source:The Edge Singapore
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