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

To: ms.smartest.person who wrote (454)	2/25/2001 10:26:12 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Local Telecoms Down on Vodafone's Slump in London Feb 26, 2001 - 10:51:20 HKT Quamnet News Service Hong Kong's telecoms issues fell Monday morning after the London market slumped last week, hurt by mobile phone giant Vodafone Group. At 10:33 a.m. Hong Kong time, Pacific Century CyberWorks (0008), a major Asian communications company which owns Hong Kong's largest phone company, retreated 1.6 percent to HK$4.475, off from a high of HK$4.60. PCCW rose 4 percent last Friday after saying that it will buy Hutchison Telecommunications Technology Investments (HTTI), a satellite-based network solutions unit of Hutchison Whampoa Ltd. (0013), for HK$803.4 million by issuing 183.6 million new PCCW shares valued at HK$4.375 each. The FTSE-100 Index lost a total of 2.37 percent last week as Vodafone dragged the index deeper into loss. Vodafone closed the week 12.56 percent lower at 184.5 pounds. Hutchison Whampoa Ltd. (0013), Hong Kong's largest conglomerate and the biggest Asian investor in the European telecoms industry, lost for a fifth day as it fell 0.6 percent to HK$90.25. Turnover was heavy as HK$125.9 million of its shares changed hands in some 30 minutes -- that's about a seventh of the full-day's last Friday. China Mobile (Hong Kong) (0941), the mainland's largest mobile phone company, fell 1.6 percent to HK$42.70. China Mobile reportedly is expected to sign a legally binding memorandum of understanding with Vodafone on or before Wednesday and Vodafone had agreed to extend the lock-up period of its 2-percent China Mobile shares by six months. The move is expected to help reduce near-term selling pressure on China Mobile shares. Rival China Unicom Ltd. (0762), which holds the core operations of China's No. 2 phone company, dropped 1.3 percent to HK$11.50. quamnet.com