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The S&P 500 Index and Nasdaq Composite Index both finished slightly lower Friday.
The Hong Kong Stock Exchange may soon become the third-largest exchange in the world.
PCCW Ltd. shares jumped by the most in 17 months in Hong Kong trading after the government awarded the company a free-to-air television broadcasting license. Richard Li’s PCCW rose as much as 8.6 percent after the government Wednesday gave its unit a 12-year license to operate two channels that broadcast over the air. Hong Kong is seeking to retain choices in its non-cable television market after the government yesterday decided against renewing Asia Television Ltd.’s free-to-air license, leaving the city with one such broadcaster. Thousands had marched in protest in 2013 when the government rejected Hong Kong Television Network Ltd.’s application for a license.