CyberWorks
2001-06-23
Hong Kong share prices rose 2.1 percent Thursday on a rebound after gains on Wall Street and expectations of further US interest rate cuts, dealers said.
The key Hang Seng index gained 268.64 points to close at 13,187.45 on a turnover of 10.53 billion dollars (1.35 billion US).
Josephine Hui, director of Celestial Asia Securities, said some institutional investors were short-squeezing the market, following the positive overnight performance on Wall Street.
"The US is expected to cut interest rates by 50 basis points and this was used as an excuse to push up the market," she said.
China related stocks recovered from their weakness of the past week, as investors focused on their strong earnings potential once China accedes to the World Trade Organization.
Sichuan Expressway rose 10 cents to 1.21 dollars, CITIC ended 1.0 dollar higher at 24.60 dollars and Legend gained 25 cents to 5.20 dollars.
However, Guangnan (Holdings) fell 7 cents to 32.5 cents after it shut down its supermarket chain.
Among telecom stocks, China Mobile rose 1.70 dollars to 41.00 dollars.
Hutchison Whampoa rose 1.0 dollar to 81.50 dollars after news that its unit was offering to buy the remaining shares in ICG Asia and its outstanding warrants.
Pacific Century CyberWorks dropped 2.5 cents to 2.30 dollars, amid continued concerns over its business outlook.
Among utilities, China Light and Power (CLP) was up 90 cents at 32.50 dollars on news that its unit CLP Telecom would obtain an external fixed telecom service license, said Louis Wong, an analyst with Philip Securities.
"This is also positive for Hongkong Electric, as it has a better earnings outlook than CLP," Wong said.
Hongkong Electric gained 1.20 dollars to 29.75 dollars.
Among property and financial stocks Cheung Kong rose 2.50 dollars to 87.25 dollars. HSBC rose 1.50 dollars to 93.75 dollars after a report saying the bank would announce details of its new interest rates on June 29.
bur-al/lh
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