Stock Track | China Telecom Shares Soar on Robust Telecom Sector Growth

Stock Track10-02

Shares of China Telecom Corp. surged 5.16% on Tuesday, outperforming the broader market, as investors cheered the robust growth in China's telecommunications services sector during the January-August period.

According to data from the Ministry of Industry and Information Technology, China's telecom services revenue rose 2.7% year-over-year to 1.17 trillion yuan ($164 billion) in the first eight months of 2024. The growth was driven by a significant 11% increase in revenue from emerging businesses of major telecom providers, including China Telecom, China Mobile and China Unicom.

Notably, the cloud computing and big data segments witnessed impressive growth, with revenue surging 12% and 62% respectively. As a leading player in the telecom industry, China Telecom is expected to benefit from the strong momentum in these rapidly growing areas.

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