China Telecom lifts market sentiment

Fears that equity investors were on a buyer's strike diminished somewhat yesterday (May 19) when China Telecom successfully pulled off the largest placement of the year, raising $1.725 billion. The fixed line telco placed 5.85 billion shares at HK$2.30 each - a 3.15% discount to the stock's HK$2.37 close Wednesday lunchtime when it was suspended.