Huawei shares surge on trade progress

Huawei shares firm on China and US trade deal progress

Huawei Shares Source: Bloomberg

Shares in Huawei suppliers and Chinese telecommunication companies surge, after Trump said he might include Huawei and ZTE in trade deal.

Trump said on Friday he may include Huawei and ZTE Corp in the trade deal being negotiated between the US and China.

It comes after Trump said on Sunday that he would delay an increase in US tariffs on Chinese goods scheduled for later this week and said if progress continued he and Chinese president Xi Jinping would finalise a deal.

Chinese shares surge

The Chinese telecoms index jumped as much as 4.9% on Monday, rising to nine-month highs, after US president Donald Trump said he might include Huawei and ZTE in his Trade Deal on Friday.

Shenzhen shares of China's equipment maker ZTE Corp leaped as much as 10 %, while ZTE's Hong Kong shares spiked up to 13.9 %.

AAC Technologies Holdings, BYD Electronic International Co Ltd Yangtze Optical Fibreand gain in the range of 1.9-3.5%.

In Taiwan, MediaTek rises as much as 6.8%, while Taiwan Semiconductor Manufacturing Co Ltd and Hon Hai Precision were little changed

Huawei unveils 5G phone

On Sunday Huawei Technologies unveiled a $2,600 folding smartphone which is primed for next generation 5G mobile connections.

The unveiling of the new phone comes despite the US vowing to ban Huawei from such networks over security concerns.

Huawei launched the Huawei MateBook X Pro; Huawei MateBook 13; Huawei MateBook 14; the 5G foldable smartphone, Huawei Mate X; and the Huawei 5G CPE Pro.


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