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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: pennywise who started this subject	7/15/2001 12:50:04 AM
From: ms.smartest.person	Read Replies (1) of 2248

Keppel T&T jumps on talk of bidders raising M1 offer 2001-07-14 Terms and Conditions Hong Kong stocks rose 1.0 percent Thursday on a technical rebound following the solid performance on Wall Street, dealers said. The key Hang Seng index rose 132.30 points to close at 12,660.20 on turnover of 7.13 billion Hong Kong dollars (915 million US). Marty Chan, an analyst with Polaris Securities, said sentiment had improved slightly on the back of a more stable performance on Wall Street. He said market turnover was thin as investor concern remained. "They were still worried about the further downturn of the US economy, although earnings outlooks for Yahoo and Motorola have turned better." Chan said the rebound was reflected most in hi-tech and telecoms counters following heavy losses Wednesday. Legend gained 22.5 cents to 4.40 dollars, China Mobile rose 1.00 dollar to 38.70 and China Unicom added 35 cents to 13.60 dollars. Hutchison Whampoa was unchanged at 76.25 dollars while Pacific Century CyberWorks also steady at 2.275. Among financial stocks, HSBC opened lower after financial institutions including Deutsche Bank and SG Securities downgraded the bank. However bargain hunting provided support for the banking giant, said Chan. HSBC closed unchanged at 87.00 dollars and Hang Sang Bank rose 50 cents to 84.75 dollars. Dealers said many property stocks rebounded from recent losses, although market demand for residential apartments had not improved. Cheung Kong was unchanged at 81.00 dollars and Sun Hung Kai Properties rose 1.00 dollar to 71.25 dollars. Dealers said some investors favoured China-related stocks on hopes Beijing would win its bid to host the 2008 Olympics. The winner is due to be announced Friday. China Resources rose 25 cents to 12.65 dollars after it announced a plan to acquire logistics and distribution assets from its parent. Sinopec gained three cents to 1.51 dollars after it fixed its A share issue price at 4.22 yuan. Terms and Conditions Copyright© 2000 LEXIS-NEXIS, a division of Reed Elsevier Inc. All rights Reserved.

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