CHINA TOWER

China Tower opened lower at HKD 9.36 but rebounded steadily, climbing to an intraday high of HKD 9.60 in the afternoon session, closing up 3.11% at HKD 9.60 with total turnover of approximately HKD 92.2 million. The stock had been pressured by Goldman Sachs' downgrade to Sell, index rebalancing, and BlackRock's sell-off, but today's recovery may be attributed to strong Q1 earnings—net profit surged 39.48% YoY to HKD 4.52 billion, net margin improved from 11.20% in Q4 to 15.85%, and revenue grew 7.46% YoY. Despite being 25.29% below its 52-week high of HKD 12.85, the stock has reclaimed its 20-day moving average (HKD 9.148) and is up 10.85% from the 52-week low of HKD 8.66, though YTD performance remains down 17.81%. The price, however, still trades below the 60-day moving average (HKD 10.028), indicating lingering resistance.