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

To: ms.smartest.person who wrote (1669)	7/20/2001 4:23:15 PM
From: ms.smartest.person	Respond to of 2248

Hong Kong Stocks: Some Blue Chips Rebound, But Investors Remain Jittery July 20, 2001 Dow Jones Newswires HONG KONG -- Shares edged up 0.2% Friday on a technical rebound among some blue chips and overnight gains in the U.S. But analysts said near-term prospects for Hong Kong stocks are dim as long as investors remain cautious due to lingering uncertainties in the U.S. economy. The blue-chip Hang Seng Index ended up 21.86 points, or 0.2%, at 12301.68, after trading in a narrow range between 12238.02 and 12359.62. Gainers outnumbered decliners 17 to 11, while 5 issues ended unchanged. On the week, the Hang Seng Index has shed 311.11 points. Trading volume shrank to 6.02 billion Hong Kong dollars from HK$7.2 billion in the previous session. Blue chips staged a mixed performance. Among telecom stocks, China Mobile fell for the sixth straight session, ending down 0.3% at HK$35.30. Rival China Unicom rose 1.2% to HK$12.55. Port and telecom operator Hutchison Whampoa added 1.3% to HK$76.75. HSBC Holdings finished flat at HK$87.75. While Hang Seng Bank rose 0.9% to HK$85.25. Chinese computer maker Legend Holdings gained back 1.8% to close at HK$4.15. The stock has dropped 7.4% since the beginning of the week. Cathay Pacific managed to reverse earlier losses to end up 0.5% at HK$10.60, despite fears that its pilots wouldn't be receptive to its new offer of a 4% pay increase for pre-1993 hires and a 9% increase for post-1993 hires. The proposal came after 95% of its pilots' union voted to press on with its "work-to-rule" campaign. Conglomerate Wheelock extended its gains, adding 3.7% to close Friday at HK$6.95. The company said Thursday that it was selling its property investor unit Spring Wealth Investments to associate Wharf as part of a restructuring plan. The move prompted renewed speculation that the group may buy out its Realty Development and New Asia Realty property arms. New Asia closed flat at HK$2.725, after jumping 18% since the beginning of the week. Realty Development shed 1.9%, after rising 16% since Monday. Telecom and Internet firm Pacific Century CyberWorks fell 2.3% to HK$2.10, its lowest level since Aug. 2, 1999. Book building on PCCW-HKT's bond offer had reached only about US$1.0 billion-US$1.5 billion late Thursday, fueling speculation that the Hong Kong-based telecom company may have to reduce the bond's size from the planned US$2.5 billion, said one source familiar with the deal. China-related plays rebounded Friday from recent losses. China stocks suffered in recent sessions on speculation that mainland authorities were investigating the possible use of illegal funds by Chinese companies to invest in hard-currency, or B share, markets. The China Enterprises Index, which tracks the performance of H shares, ended 2.8% higher at 457.58. The local red-chip subindex rose 1.9% to close at 1069.66. -------------------------------------------------------------------------------- URL for this Article: interactive.wsj.com -------------------------------------------------------------------------------- Copyright © 2001 Dow Jones & Company, Inc. All Rights Reserved. Printing, distribution, and use of this material is governed by your Subscription Agreement and copyright laws. For information about subscribing, go to wsj.com used with permission of wsj.com