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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (2155)	2/5/2002 1:40:10 AM
From: ms.smartest.person	Read Replies (1) of 2248

Stockwatch - Hong Kong/China telcos lower after fall in ADRs 12:03 05-FEB-2002 Hong Kong and China telecommunication companies were lower at midmorning, after a weak performance by their ADRs, dealers said. They said the US market was under pressure overall due to questions about the quality of accounting and financial disclosure at major firms, with developments in the Enron case also casting a spotlight on Tyco International's own practices, dealers said. China Mobile ADRs closed 0.17 usd lower at 14.01, and China Unicom ADRs down 0.20 usd, or 2.11 pct, at 9.30. At 11.02 am, China Unicom (0762-HK) was down 0.10 hkd at 7.40 while China Mobile (0941-HK) lost 0.45 at 21.90. Hutchison (0013-HK) lost 1.00 at 70.00 and PCCW (0008-HK) was down 0.04 at 1.93. The Hang Seng index was down 142.13 at 10,579.19. Dao Heng Securities analyst Ben Tam said the local market was reacting to the uncertainty surrounding Tyco and the prospect that other major firms could have practices in need of reform. "If you look at the ADR market, large cap telco stocks from Hong Kong have fallen overnight. China Mobile, China Unicom, Hutchison and even PCCW were down. "They are basically down because of poor sentiment due to the continued accounting concerns in the US," he said. Tam sees the China telcos continuing weak on domestic issues such as price competition as well as the introduction of new players in the market. ww5.e-finet.com

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