[PCW]STI declines on thin trading despite [Datacraft Asia] Nasdaq gain
singapore.cnet.com
By Michelle Tan and Irene Tham
Friday, September 8 2000
SINGAPORE--The broad market and the benchmark Straits Times Index (STI) closed lower on thin pre-weekend trade--decliners led advancers 175 to 106 on 218 million shares; the STI lost 6 points to 2,135.05.
The Nasdaq Composite regained some of its glitter overnight, rising 85 points to 4,098.35, while the Dow Jones Industrial Average lost 51 points to 11,259.87.
Datacraft Asia was the notable tech gainer today. It rose US$0.05 to US$8.75. Yesterday, the company announced that it would be working with US-based Cisco Systems to sell more networking products to phone companies and online service providers in Asia outside of Japan--a move that is expected to boost Datacraft's US$417.7 million sales (in 1999) to phone companies and Internet service providers.
However, most tech stocks ended in the losers list. Pacific Century Regional Developments, the parent Hong Kong-based Pacific Century Cyberworks, fell S$0.08 to S$22.10.
Contract manufacturers continued to lose ground today. Venture Manufacturing dropped S$0.70 to S$21.30; Chartered Semiconductor Manufacturing, S$0.40 to S$13 (its American depository receipts lost 0.7 percent to US$78.27); and JIT Holdings, S$0.06 to S$4.36.
Creative Technology also fell S$0.30 to S$37.40 despite its US-listed shares rising 1.2 percent to US$21.88 overnight.
SingTel lost S$0.09 to S$2.68. The telco announced its partnership with China Netcom Corp to offer end-to-end communications services targeted at corporations. It expects the joint marketing effort to fetch revenues of up to US$40 million per annum over the next three years.
At 11 million shares, IPCO International maintained its number top 3 volume position, closing down S$0.055 at S$0.525. The company said today that its majority shareholder Purwadi canceled an agreement to sell a 5.1 percent stake in IPCO to another company.
Among shares that remain unchanged was MediaRing--which is scheduled to announce its first half year earnings on Monday--at S$0.50 despite general market weakness. The company is also expected to announce a worldwide marketing campaign, said Dow Jones newswire.
Magnecomp International shares were also unchanged at S$0.89. The company announced yesterday that its unit Mansfield Manufacturing formed a HK$10 million joint venture with Hong Kong's Yagi to assemble multi-function office equipment. Analysts said that the Hong Kong-based joint venture serves as a good vehicle for Magnecomp's expansion into China.
In other news, a local paper reported quoting unidentified sources that Media Corporation of Singapore is close to acquiring broadband infrastructure provider, 1-Net Singapore, which owns SingaporeONE. 1-Net's shareholders are SingTel, Singapore CableVision, StarHub Internet, Pacific Internet and the Infocommunication Development Authority of Singapore.
Singapore Computer Systems' joint venture with OCBC--TX123--also said it will launch on Monday an exchange which brings together buyers and sellers from the construction industry. |
