Hong Kong Stocks Open Higher; PCCW Recovers
Jan 18, 2001 - 10:44:06 HKT
Quamnet News Service
Hong Kong stocks opened higher, as rate-sensitive banks and properties rose as the latest tame inflation figures in the U.S. strengthened investors' expectations that the Federal Reserve will cut interest rates later this month. Telecoms also rose on several good earnings results in the U.S. technology sector. China-related stocks recovered.
At 10:39 a.m. Hong Kong time, the benchmark Hang Seng Index was up 147.92 points, or 0.97 percent, at 15,409.40. The Growth Enterprise Market Index, which tracks the performance of technology and related companies on Hong Kong's second board, rose 0.33 points, or 0.11 percent, to 288.88.
Pacific Century CyberWorks (0008), a major Asian communications company, recovered 3.2 percent to HK$4. The stock hit 52-week lows in the previous five trading days on concerns that second-largest shareholder Cable & Wireless Plc will soon resume selling down its stake, plus banks' insistence on wider interest margins for its refinancing loans.
China Mobile (H.K.) Ltd. (0941), China's largest mobile phone company, rose 0.9 percent to HK$46.90. Hutchison Whampoa Ltd. (0013), Hong Kong's largest conglomerate and a major telecoms industry investor, added 0.8 percent to HK$98.25.
HSBC Holdings (0005), Europe's largest bank, gained 1.8 percent to HK$115.50.
Cheung Kong Holdings Ltd. (0001), the city's largest developer by market value, was up 0.5 percent at HK$103.50.
China Everbright Ltd. (0165) added 2.7 percent to HK$7.50, slightly rebounding from yesterday's 14.6 percent plunge.
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