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

To: ms.smartest.person who wrote (527)	3/9/2001 3:25:07 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Telstra keeps GDP blues at bay Mar 7 17:40 Peter Kormendy Stocks reacted to an interest rate cut and a positive earnings result from Telstra Corp with vigour on Wednesday, casting aside the gloomy economic data that also emerged during the session. While the interest rate cut of 25 basis points was largely factored into the market, the same could not be said of Telstra's report, even though its $2.62 billion first-half profit was in line with expectations. Its shares rose 28¢, or 4.4 per cent, to $6.73 - the stock's biggest one-day percentage rise for more than a year - but analysts were reluctant to celebrate before the extent of write-offs relating to the group's joint venture with Pacific Century CyberWorks could be quantified. "The nuts and bolts of the bottom line are still yet to come out," said Macquarie Equities associate director Ms Lucinda Chan. "Either way, the forthcoming federal election is likely to play a big role for Telstra in the sell-off of the third tranche." The S&P/ASX 200 Index added 28.6 points, or 0.9 per cent, to 3362 while the All Ordinaries Index rose 25.9 to 3306.2. Local equities were also aided by US markets' performance on Tuesday, with stocks extending Monday's solid gains. The Dow Jones Industrial Average rose 0.3 per cent and the Nasdaq Composite added 2.9 per cent, in what market watchers described as another display of the rewards outweighing the risks. "It just feels as though there is an air of confidence over there at the moment, which is about time!" Ms Chan said. afr.com