STOCKWATCH: Hong Kong hi-techs telecoms lower on NASDAQ
2001-06-16
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Telecom and hi-tech shares were lower in early
trade, following the decline on NASDAQ overnight, with sentiment further
weakened by the possible failure of General Electric Co's proposed acquisition
of Honeywell International Inc, dealers said.
At 10:45 am, the hi-tech benchmark GEM Index was down 8.91 points at 260. 59
and the Hang Seng Index was 286.19 points lower at 12,962.70.
Kenny Tang, associate director of Tung Tai Securities, said sentiment was
weak across the board, with hi-tech and telecom stocks facing additional
pressure from the falls on NASDAQ.
"Also, General Electric may not receive an approval from the European
Commission for its acquisition of Honeywell International," he said.
GE is making its final attempt to obtain approval from the European
Commission for its acquisition of Honeywell International. The company is
reported to be offering more divestitures in an effort to overcome European
regulatory opposition.
"The acquisition has not much to do with hi-tech stocks in Hong Kong, but
investors used this as an excuse to sell hi-tech and telecom stocks," Tang
said.
China Mobile was down 1.70 hkd at 39.80, China Unicom dropped 0.60 to 12. 70
and Pacific Century CyberWorks was down 0.025 at 2.425.
Great Wall Technology shed 0.15 to 2.475, Legend fell 0.15 to 5.20 and
Softbank Investment was down 0.02 at 0.71.
On the GEM board, tom.com was down 0.075 at 2.20, hongkong.com dropped 0.
045 to 0.41 and Sunevision eased 0.06 to 1.71.
wl/zr
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