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Technology Stocks : Dell Technologies Inc. -- Ignore unavailable to you. Want to Upgrade?

To: willcousa who wrote (165272)	5/10/2001 2:40:14 PM
From: D.J.Smyth	Read Replies (1) \| Respond to of 176387

LEGEND <0992.HK> EXTENDS FALL ON COMPETITION WORRIES China's biggest personal computer maker Legend Holdings down 5.6 percent to HK$5.90, extending a 1.6 percent fall on Wednesday, on lingering worries that it may report lower than expected sales in its fourth quarter to end March. Legend officials could not be reached for comment. Legend commands around 30 percent of the PC market in China, but is coming under increasing pressure from low-end unbranded computer makers. Comments on Wednesday by Dell Computer <DELL.O> chairman Michael Dell that he plans to make gaining market share in China one of his top priorities, is also hurting Legend shares. Dao Heng Securities said it has downgraded its rating on Legend to a "hold," but has maintained its full-year earnings forecast. "We have maintained our FY01 (fiscal year 2001) earnings forecast for Legend, although the company sold a slightly lower than expected number of PCs in 4Q 01; 596,000 units were shifted compared to our estimate of 600,000," Dao Heng said in a research note, which followed a meeting with the company last week. The bank said although Legend's PC sales were slightly lower than expected in the fourth quarter, the figures were well above the same quarter last year. But concerns remained over a possible price war triggered by recent price cuts in the company's top-end models, the report said. ------------------------------------------------------------ PROPERTY STOCKS UP ON RATE CUT HOPES Interest-rate sensitive property blue chips Henderson Land <0012.HK> and Sun Hung Kai <0016.HK>up sharply on hopes that property demand could gradually recover if the U.S. Federal Reserve makes an expected large interest rate cut next week. Henderson Land was up 3.39 percent to HK$36.60, and Sun Hung Kai rose 3.44 percent to HK$75.25. New World Development <0017.HK>, another property blue chip, was up 2.55 percent to HK$10.05. The Hang Seng property sub-index <.HSNP> has outperformed the Hang Seng Index so far this year, declining 6.09 percent against the HSI's 10.01 percent drop. ---------------------------------------------------------- LI & FUNG <0494.HK> UP ON REVENUE GROWTH HOPES Shares of trading firm Li & Fung rose 2.11 percent to HK$14.50 as investors focused on comments by managing director William Fung that he expects revenue and profits to increase in 2001 despite lower margins due to a slowing U.S. economy. "William Fung's comments yesterday suggest that orders are not being cancelled even though their products may come under some price pressure in the short term due to the slowdown," said Alfred Chan, chief dealer at Cheer Pearl Investment Ltd. "But in the long term people are looking at a rebound in the U.S. economy by spring, so the company would benefit," he said. The stock fell about 6.6 percent on Wednesday on an initial reaction to Fung's comments about falling margins. Li & Fung derives about 75 percent of its earnings from the U.S. Its shares are unchanged so far this year, but off its year-high of HK$15.65 on Jan 30. ------------------------------------------------------------ YANZHOU COAL <1171.HK> DOWN SHARPLY AFTER PLACEMENT NEWS Chinese coal producer Yanzhou Coal Mining down 7.52 percent to HK$3.075 on news of a share placement to raise HK$470 million to fund the purchase of a Chinese coal mine. The stock resumed trading after being suspended in late trade on Wednesday pending the announcement. In a statement issued late on Wednesday, the China state-owned company saidit would place 170 million new H-shares at HK$2.925 each to raise net proceeds of HK$470 million to fund its acquisition of the coal mine. The placing price represents a 12 percent discount to the stock's last trading price of HK$3.325 on Wednesday afternoon. "I think some people are disappointed with the discount to the last trading price," said CEF Securities strategist Y.K. Chan. The Hang Seng China Enterprise index <.HSCE>, which tracks the performance of H-shares, was down 2.01 percent to 477.82. REUTERS Rtr 04:54 05-10-01 Copyright 2001, Reuters News Service