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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: pennywise who started this subject	7/12/2001 12:50:04 PM
From: ms.smartest.person	Read Replies (1) of 2248

Telstra on mend as writedown fears abate Sydney Morning Herald - ABIX - Australasia; Jul 11, 2001 BY COSIMA MARRINER Shares in Australia's largest telecommunications carrier, Telstra, continued to recover on 10 July 2001. After falling below $A5 a share on 6 July, Telstra stock rose $A0.25 on 9 July and a further $A0.01 on 10 July, to close at $A5.31. Telstra shares had suffered a 26% decline in the past month amid concerns over its earnings outlook and the value of its Asian mobile telephone joint venture with Hong Kong-based Pacific Century CyberWorks (PCCW). However, analysts believe the share price decline has factored in a potential writedown of around $A3.5 billion in Telstra's Regional Wireless Company alliance with PCCW, in which Telstra holds a 60% stake. It is also expected that Telstra will write down the value of its other joint venture with PCCW, Reach, by about 50%. World Reporter All Material Subject to Copyright

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