HK stocks end higher, China Telecom, techs rise
biz.yahoo.com
Thursday March 2, 3:52 am Eastern Time
HK stocks end higher, China Telecom, techs rise
HONG KONG, March 2 (Reuters) - Hong Kong stocks ended modestly higher on Thursday
after a choppy day of quiet trade, with a spike in red chip computer maker Legend Holdings
reviving interest in non-index technology plays.
Heavyweight China Telecom (Hong Kong) rose 4.3 percent to lead a small rally in blue chips
and offset downward pressure from a weak Cable & Wireless HKT .
The benchmark Hang Seng Index (^HSI - news) climbed 93.22 points or 0.55 percent to end at 16,936.81. Broader market
turnover was a moderate HK$16.3 billion compared with Wednesday's HK$21.1 billion.
------------------HANG SENG IN PERSPECTIVE-------------------
Move on day +0.55 percent
Year high 17939.27
Year low 14763.97
Change on yr -0.15 percent
All time high 17939.27 14 FEB 2000
All time low 58.61 31 AUG 1967
Investors were mostly sidelined on the main index as they waited for fresh news about the merger of C&W HKT and Richard
Li's non-index Pacific Century CyberWorks .
``It was very quiet today. PCCW and C&W HKT are trading in a very narrow range,' said Steve Lo, dealing director at OSK
Asia Securities.
Heavyweights Cheung Kong (Holdings) and Hutchison Whampoa -- both part of the corporate empire controlled by Richard Li's
father Li Ka-shing -- were hit by profit-taking, brokers said.
While China Telecom supported blue chips with a HK$3.00 rise to HK$73.00, it was red chip Legend Holdings that fuelled buying
interest in the broader market.
Legend soared 28.04 percent or HK$9.90 to end at HK$44.80, boosted by news it had formed a strategic alliance with PCCW to
develop a broadband service and accompanying content in China.
``Since Legend has been moving up, other computer-related stocks are moving also. It has probably lifted the atmosphere to be a
little more promising,' said Terry Cheung, sales director at Core Pacific-Yamaichi Securities.
China-related red chip software developer Founder (Hong Kong) Ltd leaped HK$1.10 or 18.1 percent while Chinese computer
firm Stone Electronic Technology Ltd jumped HK$0.50 or 14.8 percent.
The red chip Hang Seng China-affiliated Corporations index (^HSCC - news) was also stronger, up 8.77 percent or 114.15 points
to 1,415.10. |
