PCW - Pacific Century CyberWorks Limited Message Board

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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: pennywise who started this subject	2/5/2001 3:09:55 AM
From: ms.smartest.person	Read Replies (1) of 2248

HK stocks down at midday, mkt shifts to defensives Shares of Internet and telecom play Pacific Century CyberWorks held relatively steady, however. PCCW shares were down a marginal 0.52 percent to HK$4.775, compared to the Hang Seng information and technology index (^HSIT - news) which fell 1.89 percent. Dealers said the stock was supported by speculation that shareholder Cable and Wireless Plc (quote from Yahoo! UK & Ireland: CW.L) of Britain has found buyers for its stake in PCCW. Cable and Wireless will be able to sell half of its 15.3 percent stake in PCCW when a lockup period expires on February 17. Shares of conglomerate Swire Pacific fell 5.05 percent to HK$51.75 after investment house Morgan Stanley Dean Witter downgraded the stock to neutral from outperform. ``The stock is trading at 14.3 times our forward earnings forecast and at a 20 percent discount to its net asset value, both at the high end of historical ranges,'' Morgan said in a research report dated February 2. Swire shares have underperformed the key Hang Seng Index (^HSI - news) by about 12 percent since the start of the year. Bucking the overall downtrend were utility issues as investors rotated their funds out of the technology and telecom sector in search of safe havens. The Hang Seng utility sub-index (^HSNU - news) rose 0.21 percent at 21,203. Market turnover was relatively light, totalling HK$3.37 billion (US$432 million), down from Friday's midday turnover of HK$3.8 billion. Losers outpaced gainers 263 to 118 with 365 stocks unchanged. (US$ equals HK$7.8) ca.us.biz.yahoo.com

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