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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: pennywise who started this subject10/3/2001 2:11:33 AM
From: ms.smartest.person  Read Replies (1) of 2248
 
PCCW 8.HK HK0008009653

AFX Europe, Sep 27, 2001

2001-09-26 05:52:05 STOCKWATCH - PCCW closes morning higher on bargain hunting HONG KONG (AFX-ASIA) - Pacific Century CyberWorks Ltd shares closed the morning higher on bargain hunting, with sentiment positive over the company's core fixed line business and expectations the company will move to reduce its tax burden, dealers said.

They said the company is now seen as a relative safe haven in the aftermath of the attacks on the US due to its stable core earnings and it will also benefit from the impact of US interest rate cuts on still high debt levels.

PCCW closed the morning up 0.08 hkd at 1.94 on turnover of 152.68 mln shares, off a high of 1.98.

The Hang Seng index was up 157.93 points at 9,367.99.

An analyst with a local brokerage said he believes the company is looking to reduce its tax burden by moving its internet services division into its core telephony business.

Although such a move has yet to be confirmed, the analyst said it would be positive for the company.

He has a fair value of 2.20 hkd on PCCW, adding that "there is value in the stock."

ra/rf

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