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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (1158)	5/3/2001 12:55:51 PM
From: ms.smartest.person	Read Replies (1) of 2248

PCCW Soars 8.2% on Brighter Global Telecoms Sentiment May 03, 2001 - 15:43:46 HKT Quamnet News Service quamnet.com Pacific Century CyberWorks (0008), a major Asian communications company which owns Hong Kong's largest phone company, surged 8.2 percent, bucking the overall market downtrend as bargain hunters chased the stock. At 3:35 p.m. local time, PCCW shares were up 8.2 percent at HK$2.975. Turnover was HK$713.03 million, five times more than yesterday's full-day total. Analysts mostly said PCCW's rally is related to the improving sentiment in the global telecoms sector and the stock's low price. Hedge funds and retail punters were buying the stock to make quick money, some said. "Apart from improved sentiment of the tech players overseas, Vodafone's announcement that it's buying a stake in Japan Telecom from BT reflects that the market reaffirms the value of telecoms assets," said Yan Wa-tat, managing director of Taiwan Concord Capital Securities (H.K.) Ltd. "This news is a sweetener to the telecoms sector." British Telecommunications Plc. said yesterday that it will sell its interests in Japan Telecom, J-Phone Communications Co. and Airtel SA to Vodafone for £4.8 billion (HK$53.6 billion) in cash, to cut debt. -------------------------------------------------------------------------------- Copyright 2000 Quam(IA) Limited, All rights reserved

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