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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)
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To: John McDonald who started this subject9/10/2000 12:04:10 PM
From: ms.smartest.person  Read Replies (1) of 4541
 
Telecoms Lead Decline
Dow Jones Newswires

HONG KONG -- Shares declined Friday in light trading as investors sold off Pacific Century Cyberworks and other telecommunications stocks.

The Hang Seng Index shed 156.50 to 17275.45. Volume was valued at 7.87 billion Hong Kong dollars.

Li & Fung also remained under pressure, dropping 3.2% to HK$33.70, still unable to find equilibrium after a big private share placement unsettled the stock Wednesday.

Alex Wong, research manager at OSK Asia Securities, said Cyberwork's problems Friday centered around media reports that a venture capital deal1 with U.S. Internet firm CMGI had been scrapped. Cyberworks fell 65 Hong Kong cents to close at HK$13.20, with volume valued at HK$1.07 billion.

City Telecom (Hong Kong) fell 2.8% to HK$1.06 and China Mobile (Hong Kong) dipped 0.81% to HK$61.25.

Elsewhere in the telecom sector, China Unicom rose 0.54% to HK$18.55 despite reporting a hefty 37% decline in first-half net profit2. The earnings decline was said to have been caused by an exceptional item and investors focused instead on strong operational results and the company's expanding mobile subscriber base.

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