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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)
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To: ms.smartest.person who wrote (4446)1/10/2001 2:23:50 AM
From: ms.smartest.person  Read Replies (1) of 4541
 
Australian Shares Close Lower On Telcos, Resources


SYDNEY (Dow Jones)--The Australian sharemarket closed slightly lower Wednesday, dragged down by the country's two largest telecom companies and by resource stocks.

The All Ordinaries Index fell 0.2% or 4.9 points to 3184.5, while the S&P/ASX 200 fell 0.2% or 5.7 points to 3239.2. On the Sydney Futures Exchange, the March contract was trading at 3270, down 1 point from Tuesday.

C&W Optus, Australia's second-largest telecom, fell 3.1% or 12 cents to A$3.65 following a report in the Australian newspaper that it's facing problems attracting interest in its sale program, citing analyst reports that highlight a lack of price tension for the assets. The paper said sources indicated that Japan's NTT DoCoMo has pulled out, leaving its would-be partner, Telecom NZ, in the lurch.

Telstra slipped 1.2% or 8 cents to A$6.65 after Australia's largest phone company and its Asian partner Pacific Century CyberWorks were forced to accept a higher interest rate on a US$1.5 billion loan to fund their joint venture. About 11.4 million ordinary Telstra shares changed hands.

Lucinda Chan, senior dealer at Macquarie Equities, partly attributed the fall in Australian telecoms to losses on Wall Street overnight.

Resource stocks fell again as a poor outlook for global growth continues to weigh on enthusiasm toward the sector and its future earnings. Rio Tinto fell 2.6% or 80 cents to A$29.45 and Pasminco fell 3.0% or 2 cents to 65 cents. -0

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