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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (59)	1/14/2001 2:16:44 AM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

MARKET TALK-HK:C&W Says No Decision Yet On PCCW Stake 0957 [Dow Jones] Cable & Wireless PLC hasn't been approached by any potential buyers and still undecided about selling its residual 15.3% stake in Pacific Century CyberWorks (0008), HK Economic Journal report quotes C&W spokesman as saying; uncertainty pending block sale will continue to weigh on PCCW shares in short-term, say analysts. Under share lockup agreement, half of C&W's stake in PCCW will be released for sale after Feb 21. Analysts worried stock may fall further if company fails to get buyers for C&W block; based on stock's closing price yesterday, C&W stake worth $62.5 billion; placement will be further blow to stock.(STT) 0955 [Dow Jones] January HSI futures up 1% at 15220 as traders expect HK stocks to rebound on overnight gains in U.S. markets. However brokers expect buying to be restrained amid speculation about Anson Chan's status; traders await further action (or non-action) by U.S. Federal Reserve after FOMC meeting later this month.(IVW) 0953 [Dow Jones] HK Chief Executive Tung Chee-hwa and Chief Secretary for Administration, Anson Chan, will speak with reporters around 0720 GMT amid unconfirmed rumors Chan resigning and Financial Secretary Tsang may take her place; no topic has been specified.(EAR) 0952 [Dow Jones] HK trader says though players used rumors about HK Chief Secretary Chan's unconfirmed resignation to push up money market, bidding insufficient for HKD forwards and Hibor rise to be sustained. 1-year forward dips to discount of 134-127 after touching high of 100-90 discount early in morning; trader expects discount to range 150-100 today. (EAR) 0951 [Dow Jones] MTRC (0066) has deferred proposal, scheduled today for Town Planning Board discussion, to convert bus terminus near Tsing Yi station to residential use due to opposition from nearby Tierra Verde residents, says South China Morning Post; MTRC plans to build two 45-storey towers in JV with Cheung Kong (0001), developer of Tierra Verde. Deferral may not have immediate impact on MTRC shares but investors, who generally value MTRC for its development rights along its routes, may have misgivings about company's earnings prospects should similar problems affect MTRC's other development plans.(IVW) 0948 [Dow Jones] HSI expected to rebound by 1.0%-1.5% today after Nasdaq's encouraging rise overnight, says Alex Wong, research manager at OSK Securities. Across-the-board gains expected but turnover likely low as traders not enthusiastic to commit heavily into one position; most still awaiting for U.S. FOMC meeting at month-end for more interest rate directions. HSI closed down 2.2% at 15090 yesterday.(STT) 0946 [Dow Jones] Pacific Century CyberWorks (0008) won't seek financing for its global submarine fiber project 1 CyberNetwork in near term, HK Economic Times quotes deputy chairman Francis Yuen as saying. Comment follows recent cut in size of loan taken by cable JV with Telstra to US$1.5 billion from US$2 billion, and PCCW had to pay higher interest rates. Comment not surprising given tough credit market for telecom concerns. But absence of new funding would limit CyberWorks' expansion plans. PCCW shares closed yesterday at $4.675, lowest close since merger with C&W HKT. Strong rebound unlikely amid ongoing debt concerns and possible offloading of PCCW stake by C&W PLC next month.(KWW) 0944 [Dow Jones] Vodatel Network (8033) likely to buy majority stake in local mobile operator Peoples Telephone from China Resources Group, says unsourced Ming Pao report quoting source. Quotes Credit Lyonnais report as saying China Resources' stake in Peoples likely sold to Vodatel and deal may be sealed as soon as next week. However equity salesperson at European brokerage says details sketchy, adding he has heard similar rumors before; thus share price impact unlikely; says China Resources still negotiating with other potential bidders. Separately, Peoples official quoted by Economic Times as saying, Acrossasia Multimedia (8061) has talked to China Resources about buying stake in Peoples but notes chance of closing deal not high as no agreement yet.(STT) 0933 [Dow Jones] Beijing Datang (0991) general manager Yu Hongji attributes 9.24% rise in power output in 2000 to strong economic growth and hot summer in Beijing-Tianjian-Tangshan area, says Apple Daily; Yu says newly bought Zhangjiakou Unit 7 has begun operations; will continue to add to capacity; will seek opportunities outside B-T-T area. Forecasting 3.3% rise in utilization level and 2.5% tariff hike in 2001, CSFB recommends buy on Datang; stock closed at $2.025 yesterday.(IVW) 0928 [Dow Jones] Most Hibor rates up in line with higher HKD forwards, says HK trader; likely to continue rising next week ahead of Chinese New Year break from Jan. 24, as liquidity tightens due to funding needs. For now, overnight Hibor at 5.62% vs 5.00% late yesterday.(EAR) 0927 [Dow Jones] HKD forwards higher, at discount of 125-115 to spot vs 146-140 late yesterday; trader says opened even higher at discount of 100-90 but returning to "normal" levels. Says rise of forwards, which represent a risk premium, could be due to market jitters, following unconfirmed reports HK Chief Secretary Anson Chan resigning, with Financial Secretary Donald Tsang said tipped to take her place.(EAR) 0925 [Dow Jones] Analysts less than impressed by soon-to-list Convenience Retail Asia (IPO closes today with stock to list Jan. 18), despite fact it's Li & Fung's (0494) offspring: "In the short term the stock may rise because of Li & Fung's backing, but in the long term I'm not very positive," says Kim Eng Securities analyst Mavis Hui. CRA offer pitched on growth of convenience store market; while CRA sees room for 600 new stores, some doubt HK needs that many new places. Sun Hung Kai Securities research head Gilbert Chu perturbed by company having to list on GEM rather than main-board, which requires 3 straight years of profitability; "It's puzzling. It tells me they are not performing well."(RXM) 0917 [Dow Jones] I-Cable (1097) CEO Stephen Ng says company will report first profit since 1999 listing in FY00 results if profit from its cable TV enough to cover rolling out cost for broadband Internet service, says South China Morning Post; Ng attributes cable TV's strong performance to new subscriber growth and 60% rise in advertising revenue. Improved FY earnings likely positive for i-Cable shares but as new pay-TV licensees about to enter market where i-Cable has been only player, competition for subscribers expected to heat up; however, i-Cable just announced it will be exclusive carrier for CNN in HK.(IVW) asia.biz.yahoo.com