H. K. Stocks Higher After Five Consecutive Losing Sessions
Sep 15,2000 - 10:44:03 HKT
Hong Kong stocks rose slightly in early trading, reversing course after five straight days of declines. Pacific Century CyberWorks (0008), which had lost 20 percent since the start of last week, was higher.
At 10:32 a.m. Hong Kong time, the benchmark Hang Seng Index was up 30.23 points, or 0.2 percent, to 16,425.66. The Growth Enterprise Market Index, which tracks the performance of technology and related
companies on Hong Kong's second board, was up 6.83 points, or 1.5 percent, to 439.25.
CyberWorks, Richard Li's Internet and telecoms company, rose 2.2 percent to HK$11.75. The stock has given up more than a third of its value since Aug. 8, when it stood at HK$18, mostly on concerns about a placement of its shares by Britain's Cable & Wireless, which received PCCW shares when it sold Hongkong Telecom to Li's company.
China Mobile (H.K.) Ltd. (0941), the listed arm of the nation's biggest mobile phone operator, lost 0.4 percent to HK$57.
Cheung Kong, the city's largest property developer, was down 0.5 percent to HK$96.75. Its 49.9 percent-owned Hutchison Whampoa Ltd. (0013), Hong Kong's largest conglomerate, was down 0.5 percent to HK$107.
HSBC Holdings (0005), Europe's biggest bank, gained 0.9 percent to HK$111.50.
[Quamnet News]
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