Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: ms.smartest.person who wrote (1387)	6/11/2001 2:11:14 AM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

HK stocks seen rangebound, focus on China techs 06/10/01 06:32 PM Source: Reuters URL: investor.cnet.com HONG KONG, June 11 (Reuters) - Hong Kong blue chips were expected to remain in a tight trading range on Monday, but shares of Chinese companies traded in the territory could get a boost from fresh hopes that China will enter the World Trade Organisation soon. "Red chips could go higher because of the WTO news, and even though this may have already been factored in, sentiment towards them is still bullish," said Alex Wong, research manager at OSK Asia Securities. The United States and China said on Saturday that they had reached consensus on issues holding up Beijing's entry to the WTO and would work towards bringing China into the global trade body by year-end. The Hang Seng Index of 33 blue chips gained 5.08 percent last week to end at 13,808.89 on Friday, but remains down 8.52 percent in 2001 so far, one of the worst performing benchmark indices in Asia. Wall Street losses on Friday could drag Hong Kong shares lower at the open. The U.S. technology-heavy Nasdaq composite index and the blue chip Dow Jones industrial average were down 2.16 percent and 1.03 percent, respectively, as jitters over sagging corporate profits resurfaced. Shares of Legend Holdings, a key Hang Seng Index component and China's biggest personal computer maker, could receive a boost from speculation of an Internet joint venture in China with U.S. media giant AOL Time Warner Inc. Legend will hold a news conference later on Monday, but officials have declined to disclose the nature of the announcement. The stock has risen 15 percent so far this year, the third best performing HSI component, and is trading at a large price/earnings premium to its global sector peers like Dell and Taiwan's Acer, possibly limiting its upside potential. Analysts said they expect lagging red chip shares of mainland-backed companies incorporated and listed in Hong Kong to outperform H-shares of Chinese companies traded in the territory on hopes of further deregulation of China's securities markets. The chief adviser to China's securities regulator said last week that Beijing is mulling a plan to allow foreign firms to list depositary receipts in China, possibly paving the way for a wave of listings by foreign companies, including red chips on China's buoyant stock markets. The plan would, however, have to overcome significant regulatory hurdles to be implemented successfully, and analysts worry that retail investors may use Neoh's statement to add to the liquidity-led rally on China shares of recent weeks. The red chip index has gained 27 percent so far this year, underperforming the H-share index's 53 percent surge. Shares of Hong Kong cable television operator i-Cable Communications could receive a boost from news that it is in confidential talks with Chinese Internet portal NetEase and some of its shareholders. I-Cable said that it has not reached a final agreement for such an acquisition and added that one may or may not materialise. Analysts said that the deal could be beneficial to i-Cable in the long term as it would give it access to a large and rapidly expanding market. But investors may be wary about jumping into the stock before financial details are announced. Copyright 2001, Reuters News Service