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Technology Stocks : CMGI What is the latest news on this stock? -- Ignore unavailable to you. Want to Upgrade?

To: country bob who wrote (16059)	1/27/2000 7:51:00 AM
From: polarisnh	Respond to of 19700

Hopefully we won't wait much longer once the word for Asia finally settles in: HK stocks close sharply higher on Internet fever HONG KONG, Jan 27 (Reuters) - Hong Kong stocks surged for a second day as a wave of Internet deals by blue chip property developers and conglomerates fanned investor appetite for technology-related issues. The benchmark Hang Seng Index (^HSI - news) closed up 490.09 points or 3.18 percent at 15,917.81, a jump of 5.33 percent in two days. Four of the top five blue chip index movers were Hong Kong property companies that have announced Internet deals in the past two days. They were Hutchison Whampoa Ltd , Cheung Kong (Holdings) Ltd , Sino Land Co Ltd and Sun Hung Kai Properties Ltd . Analysts said the companies' plans for joint ventures and e-commerce spin-offs had added a new Interent glow to property firms that were previously stalled. ``The rise today has everything to do with the Internet mania going on,' said Jay Chang, Internet analyst at CS First Boston. Chang said blue-chip companies were now realizing the potential of the Internet world, and investors wanted to be part of the action. ``Investors are punting there must be an upside,' said Chang. ``The Internet makes Asia more efficient, and allows people to get information so its good for the consumer.' ------------------HANG SENG IN PERSPECTIVE------------------- Move on day +3.18 percent Year high 17,426.16 Year low 14,763.97 Change on yr -6.16 percent All time high 17,426.16 03 JAN 2000 All time low 58.61 31 AUG 1967 Sino Land and SHK Properties were the most recent blue chips to build up their Internet presence. Sino said on Thursday it would spin off its new Internet unit, SinoNetHK.com, and invest HK$300-500 million in the unit over the next two years. Sun Hung Kai Properties said it was setting up technology company Sunevision which would group its existing Internet projects and venture investments. Sino jumped HK$0.10 or 2.53 percent to HK$4.05, while Sun Hung Kai Properties added HK$1.75 or 2.37 percent to HK$75.75. Other blue chip property developers, Hutchison and its parent, Cheung Kong, continued to climb after Hutchison said on Wednesday it was forming an Internet alliance with U.S. Internet company Priceline.com (PCLN.O>. Hutchison rose HK$6.00 or 5.58 percent to HK$113.50, while Chueng Kong jumped HK$3.50 or 3.57 percent to HK$101.50. ``Investors want to have a real Internet business rather than a pure or virtual Internet business,' said Matei Mihalca, Asia-Pacific Internet analyst at Merrill Lynch, of the recent trend of established companies expanding their Internet presence. ``Investors want tangible things,' he said. Pacific Century CyberWorks Ltd (PCCW) continued its ride on the Internet wave, jumping HK$0.90 or 5.04 percent to HK$18.80. Earlier this week the Hong Kong-based Internet and communications company said it was forming a 50-50 joint venture with U.S. Internet company CMGI (NasdaqNM:CMGI - news). On Thursday, Lehman Brothers said it had assigned PCCW a 1-Buy rating with a 12-month ``strategic value' share target of HK$35.00 per share. PCCW said on Thursday it issued an additional 60 million new shares under an overallotment option. Blue chip telephone operator China Telecom jumped HK$3.75 or 8.06 percent to HK$50.25, accounting for almost half of the index's rise, according to Reuters Securities 3000. China Telecom, a popular stock with investors wanting to buy into China, was also riding on the back of the rising telecom sector, analysts said. Bucking the trend, Smartone Telephone Holdings Ltd plummeted HK$2.15 or 7.14 percent to HK$27.95. In a statement to the Hong Kong Stock Exchange, the digital and mobile phone company said it was not aware of any reasons for its falling share price. Shares of China-related companies based in Hong Kong rose, with the red-chip index (^HSCC - news) up 1.37 percent at 1,324.30 Red chip China Aerospace International Holding Ltd (CAI) jumped 9.76 percent to HK$2.25 after it said it would raise HK$632 million through a placement to expand its broadband data transmission and digital video broadcasting services. Another red chip, Legend Holdings Ltd , rose 7.94 percent to HK$23.10. On Wednesday, China's largest personal computer maker said it would merge or acquire a local partner to boost its Internet operations in the next few months. The H-share index (^HSCE - news) fell 2.36 percent to 420.38, dragged down by Huaneng Power Group and China South Air . In the broader market, a total of 344 issues rose while 353 declined on turnover of HK$18.5 billion, slightly lower than Wednesday's HK$18.6 billion. January futures rose 475 points to 15,890, a slight discount to the cash market. January futures expire on Friday.