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

To: ms.smartest.person who wrote (300)	2/8/2001 1:08:24 AM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Thursday, February 8 11:09 AM SGT MARKET TALK-HK: City Telecom May Enter Fixed-Line Mkt 1111 [Dow Jones] Mobile operator and ISP City Telecom (1137) planning to enter fixed-line telecom market, The Sun reports quoting chairman Ricky Wong; Wong says new fixed-line service will be offered at cheaper rate than Pacific Century CyberWorks (0008), which controls more than 90% of HK's fixed-line market. PCCW recently raised its monthly fixed-line tariff to $110 from $98. However success of City Telecom's plan doubtful, given experience of other fixed-line operators; City, like others with no or limited infrastructure, must lease lines from PCCW's network to provide service. City Tel down 1.7% at 59 cents.(GFL, IVW) 1102 [Dow Jones] Credit Suisse plans to issue 10-month European call warrant on Wharf (0004). Strike price to be set at 115% of stock's closing price today; warrant (10-for-1) to be priced at 1.72% of closing price. At implied volatility of 59%, new issue not cheap; however, given market getting positive on Wharf because of improving prospects in subsidiary i-Cable (1097) and general bullishness in office rental market, plus there's currently no other long-dated Wharf warrant, issue may be worth subscribing.(IVW) 1100 [Dow Jones] With more negative news on U.S. economic slowdown likely, trader at JP Morgan says investors should avoid accumulating long positions in Hang Seng February futures; says HK market still holding well while players closely monitor U.S. economic data; says any delayed effect could amplify magnitude of selloff. February futures down 1.4% at 15875.(STT) 1053 [Dow Jones] With net cash of US$6.4 billion, Cable & Wireless PLC has no immediate need to sell its 15.3% stake in Pacific Century CyberWorks (0008), says Vickers Ballas; lock-up period for half that amount ends on Feb 17, and there's speculation of imminent placement by C&W; also short-selling activity in PCCW has picked up this week. At current price of $4.65, down 0.5%, PCCW shares less than 25% of level when PCCW tendered bid for C&W HK Telecom last February; traders won't be surprised if C&W takes wait-and-see attitude on its PCCW holdings.(IVW) 1045 [Dow Jones] With Hang Seng February futures likely to trade in 15800-16200 range in short-term, trader at JP Morgan says risky to short below 16000; advises punters to go short only if market trades within 16050-16100 today. Now down 1.1% at 15910 with moderate volume of 4,523 contracts. (STT) 1042 [Dow Jones] HK money markets want to be told of choice for HK's new Chief Secretary for Administration "sooner rather than later," says HK trader, though says delay in announcement not having adverse impact on market so far. Local media now speculating announcement could be made today. Trader adds if JP Morgan Asia Pacific chairman Anthony Leung takes over as Financial Secretary, should Donald Tsang take job of Chief Secretary, would be positive for markets due to Leung's banking background.(EAR) 1040 [Dow Jones] Hutchison's (0013) USD bonds rising back toward levels held before company announced upcoming US$1.5 billion 10- and 30-year bond offering last week; long-end prices bouncing back on rumors Hutchison may be buying back long dated bonds, says Tokyo trader.(MIT) 1038 [Dow Jones] Chinese Estates (0127) down 3.8% at $1.02 on resuming trading after announcing purchase of property portfolio for $397.57 million from major shareholders Lau brothers. Investors perhaps disappointed transaction didn't involve prime Sogo site recently bought by Laus and private vehicle of New World Development's (0017) chairman Cheng Yu-tung; but local broker remarks injection of Sogo site so soon after purchase very unlikely anyway. Shares rose 5% day before suspension.(IVW) 1032 [Dow Jones] HSI down 1.1% at 15873, with selling especially strong in properties and banks, after overnight decline on Wall Street. Slight profit-taking also in utility sector after strong run-up recently on fund switching; now down 0.2% at 21776. Telecom issues also weak after Orange cut its listing price, rekindling fears about telecom sector's valuation; heavyweight Hutchison (0013) down 1% at $100.50. Traders split on whether HSI can hold above psychological support at 15800 today but most agree even if it dips below level, significant downside unlikely.(STT) 1024 [Dow Jones] NEW LISTING: GEM debutante Techwayson (8098) up 6.4% at 83 cents on volume of 14.1 million shares already; total issue size 70 million shares. Systems solutions provider popular with institutional investors, who pushed subscription ratio for placement to 11x. With selling pressure from retail investors likely low, stock should be able to stay above issue price.(IVW) 1020 [Dow Jones] HK trader notes early upward pressure on HKD forwards, and attributes it primarily to slight rise in USD Libor rates, triggered by strong U.S. economic data overnight, as well as outflow concerns; 1-year forward up at discount of 78-73 to spot vs 87-70 discount late yesterday.(EAR) 1018 [Dow Jones] Several special transactions have taken place in Swire Pacific (0019) today; 608,500 shares traded at $52.85-$52.934, boosting total turnover, now at $46.7 million, topping most heavily traded list. However, total volume only 0.06% of total outstanding capital, thus unlikely to impact stock; now down 1.9% at $51.75.(STT) 1013 [Dow Jones] China Unicom (0762) aims to have at least one foreign strategic investor later this year, says iMail quoting Vice President Li Zhengmao; news unlikely to impact shares as well known it's actively scouting for strategic investors following similar move by China Mobile (0941) earlier last year (Vodafone bought 2% stake in China Mobile's share placement); Unicom stock now down 1.6% at $12.30. Report says exact number of investors would be determined by Information Industry Ministry. Recent rumors have suggested strategic investors may include NTT DoCoMo, Deutsche Telekom and AT&T. (STT) 1003 [Dow Jones] U.S. markets weakness overnight prompting some knee-jerk selling in Hang Seng February futures but selling easing now; down 0.7% at 15971, signaling spot may stay above psychological support at 15800, says futures trader at Fimat. Expects trading within 15700-16000 range.(STT) asia.biz.yahoo.com