WSJ/ Hong Kong Stocks: Shares Close Higher, As PCCW Leads Gains
January 3, 2002
Associated Press
HONG KONG -- Shares closed slightly higher on Thursday, led by telecommunications bellwether Pacific Century CyberWorks.
The blue-chip Hang Seng Index ended 72.67 points higher at 11423.52. Turnover rose to 4.79 billion Hong Kong dollars from HK$2.73 billion Wednesday.
Traders welcomed recent cost-cutting and revenue-enhancing moves by Internet and telecom group Pacific CyberWorks, whose shares rose 4.6% to HK$2.27. On Wednesday, CyberWorks signed contracts worth US$108.4 million to broadcast sports programming and games provided by television production company Trans World International.
"In the past few months, it's been on the right track -- cutting costs, restructuring its debt and cutting spending on big projects," said Andrew To, dealing director at Tai Fook Securities.
Elsewhere, China Mobile added 0.6% to HK$27.20 and rival China Unicom remained flat at HK$8.70.
Cathay Pacific Airways rallied 3.5% to HK$10.25 on hopes of better revenues from North Asian routes following a U.S. economic recovery and stabilization of the Japanese currency.
Conglomerate Hutchison Whampoa climbed 0.3% to HK$75.
Sun Hung Kai Properties gained 0.4% to HK$63.75, while its competitor Cheung Kong Holdings bucked the trend and lost 0.3% to HK$80.
Copyright (c) 2002 The Associated Press
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