also from 12/30
When the stock market is not going to be driven by market rumour then will the world of investment turn upside down. The SFC and the Stock Exchange have now chorused injunctions then investors should take no notice of market rumours. Of course if there were no rumours then there would be no stock exchange and we could all go home.
However their target seems to have been Pacific Century CyberWorks, 1186, who have recently been developing a habit of denying all and every rumour. These include the fact that they would list on NASDAQ and that they are buying control of Microsoft, but of course it did not deny the rumour that it was taking a 20% stake in Golden Power, soon to be renamed Hickory Dickory Dock, or its Asian Spelling of Hikari Tsushim International. This of course will propel PCCW into the big time I-tech business, as HDD or HTI has been snapping up a collection of smaller minority interests. So PCCW will be able to establish its reputation of being the biggest investor in minority stakes of companies specialising in collecting minority stakes.
As a consequence PCCW was able to amass nearly $3 billion of the day's total turnover of $15.4 billion, but it reversed direction for a day to fall $2.40 to $17.10. This was three times the next most active stock, that veteran tech company NW Cyberbase, 276, who enjoyed $989 million, and a host of other smaller I-tech companies who composed most of the rest of the turnover, with only HSBC, 5, at $358 million, and Chinese Resources, 291, at $319 million of the HSI components managed to become also-rans in the day's final heats. |
