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To: ms.smartest.person who wrote (153)	1/23/2001 4:03:16 AM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Evening Analysis: Index Winds Down for Dragon Jan 23, 2001 - 16:15:17 HKT QuamResearch On the last day of the Year of the Dragon, the normally fiery HSI couldn't quite keep the spirit alive and ended the half-day down 55.06 points to 16,044.21. Did anybody notice that double 4 in the closing index number? Turnover was HK$5.99 billion, which is fairly heavy for just half a regular session. The market is closed for the afternoon and will not re-open until next Monday, the first in the Year of the Snake. HSBC (5) ended the lunar year up $1.50 to $118.50 and is not far from its 52-week high set recently of $120. Hang Seng (11) fell $2.50 to $104.50. BEA (23) and Dao Heng (223) rose 20 cents and 30 cents respectively to $21.15 and $43.30. Manulife (945) closed out the year with a big $10, 5% boost to $208. While financials gained, properties lost. Cheung Kong (1) dropped $2 to $102.50, SHK (16) fell $2.50 to $82.50, and NW Development (17) fell 25 cents to $12.55. China Resources (291) closed up strongly with a 35 cent, 3% gain to $11.45. The recent PCCW (8) rise appears to have come to a stop along with the buying interest of its majority owner. The counter added 2.5 cents to $4.875. Rumors that the C&W stake has found a buyer helped the speculative counter see huge rises recently. The rumor is that PCCW got China Telecom to buy C&W's stake for between HK$4.50 and HK$4.80 a share. If the rumor proves true, then C&W got lucky, but China Telecom did not. One might wonder if perhaps Li Ka-Shing, the most powerful man in China and Asia -- ahead of the president -- according to the 2000 Asiaweek power 50 rankings, had something to do with getting his son out of hot water. Since conspicuously spotted having lunch together the other day, rumors have mushroomed. China Mobile (941) dropped 30 cents and Unicom (762) 35 cents to $49.60 and $13.30 respectively. China Mobile's lack of gain was notable purely due to the amazing research coming out of big name houses. Salomon Smith Barney said it maintains a 'Buy' on Mobile and has a one-month target of HK$60 per share. It's rationale? The November subscriber size numbers were in line with expectations. The results of the Salomon baloney compared to actual market numbers suggest that perhaps the local HK investing public is not so gullible after all. Several days ago, the stock exchange released results of a survey showing that local retail investors are still the largest contributors to trading activities in the Hong Kong stock market, accounting for 49% of total market turnover. Next in line is overseas institutional investors (28%), and then local institutional investors (18%). Finishing it off are stockbrokers trading for themselves (3%) and overseas individual investors (2%). The study period was from October 1999 to September 2000. If it is not the local retail investors who believe the baloney, then it stands to reason that it is the institutional investors -- Salomon and its peers -- that pay service each other. As the Year of the Dragon draws to a close and as we are about to embark on a new journey in the Year of the Snake, we take this opportunity to wish you a Happy Chinese New Year. The market will open up next week after the holiday, so we will join you again at that time. Kung Hei Fat Choi! quamnet.com