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.

Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (59050)	1/18/2002 1:39:51 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Friday January 18, 1:38 PM Hong Kong shares steady but PCCW slides on bond issue sg.news.yahoo.com HONG KONG (Reuters) - Hong Kong's key share index closed the morning session virtually unchanged on Friday but investors dropped shares of fixed line carrier Pacific Century CyberWorks after it announced a convertible bond issue. Analysts said hedge fund investors were selling out of PCCW shares and picking up its bonds. The company had successfully tapped the market for US$1.25 billion in three previous bond offers in the last two months of 2001. The benchmark Hang Seng Index of 33 blue chips dipped 0.06 percent to 11,007.04 points. Analysts said investors were sidelined waiting for more clues of a global recovery from the United States, the world's largest economy and Hong Kong's second largest export market. "People are waiting for more figures from the States, to see if the markets should have a correction or to rally," said Kitty Chan, associate director at Lippo Securities. PCCW, the most actively traded stock on the market, weighed on the index with a fall of 3.37 percent to HK$2.15, after a 2.89 percent decline in New York. PCCW was the worst performing stock last year among the blue chips. It has gained about seven percent in the last three months but has lost 42.58 percent in the last 52 weeks. The firm, headed by tycoon Richard Li, said in a statement its indirect wholly-owned subsidiary PCCW Capital No. 2 Ltd is the issuer of the US$450 million convertible bonds, which will mature on January 29, 2007 and bear interest of one percent. Holders of the bonds can convert them to PCCW shares at HK$2.75 each, a 23.6 percent premium to the closing price of HK$2.225 on Thursday, it said. Another top blue chip loser was Legend Holdings, China's largest PC maker, slipping 3.05 percent to HK$3.975. Investors took profit on the stock after driving it 6.49 percent higher on Thursday, cheered by strong December sales data. Analysts said the stock is likely to remain under pressure in the medium to long term as more PC makers enter the Chinese sector.