Pacific Century CyberWorks (PCW, PCWKF) Message Board

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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)

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To: ms.smartest.person who wrote (4378)	1/7/2001 9:04:29 PM
From: ms.smartest.person	Read Replies (1) of 4541

HK stocks seen down at open, may recover later Despite U.S. losses, dealers in Hong Kong remained fairly positive. Sunday January 7, 8:39 pm Eastern Time ``We may dip at the start, following losses on Wall Street but the Hong Kong situation is a little better compared to the U.S.,'' said Andrew To, head of research at Tai Fook Securities. ``In Hong Kong, the recent cut in interest rates would help accelerate economic growth but in the U.S., the cut in rates was aimed at easing the pain of an economic slowdown,'' he said. To said interest rate sensitive issues in the property sector and selected local banking plays may rise in late trade. The Hong Kong Association of Banks cut deposit rates for the first time since May 1999 by 50 basis points to 4.25 percent on last Friday, following an unexpected move by the U.S. Federal Reserve which cut its federal funds rate by the same margin earlier in the week. Expectations of a rate cut has lent strength to Hong Kong banking stocks with global banking group HSBC Holdings rising to a record closing high of HK$118.50 on Friday, up 2.16 percent. Hong Kong tracks U.S. interest rates closely because of its currency peg to the dollar. Dealers said that for telecom related stocks, the focus would be on Pacific Century CyberWorks (PCCW) . The stock was sold off heavily after investors said the company's debt payment costs would rise after the interest margins on its US$4.7 billion refinancing loan which is now in syndication were increased. The stock closed down 2.91 percent to finish Friday at Hk$5.00. biz.yahoo.com

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