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Hong Kong share prices edge higher |
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News |
April 13, 2000
HONG KONG, APR 12 (AP) - Share prices on the Hong Kong Stock Exchange closed higher Wednesday, following news of a deal between local Internet company Pacific Century CyberWorks and Australia's Telstra Corp.
The blue-chip Hang Seng Index rose 89.43 points, or 0.5 percent, to close at 16,577.09. On Tuesday, the index had fallen 363.08 points, or 2.2 percent.
Turnover amounted to 11.7 billion Hong Kong dollars (U.S. dlrs 1.50 billion), up slightly from Tuesday's 9.48 billion Hong Kong dollars (U.S. dlrs 1.22 billion).
Shares rose as news dribbled out about the deal in which the Australian phone giant Telstra will invest U.S. dlrs 3 billion into Pacific Century CyberWorks and a new joint venture between the two companies.
Leading the index was Cable and Wireless HKT, which jumped nearly 14 percent, or 2.50 Hong Kong dollars, to 20.80. Pacific Century CyberWorks announced in February it would buy Cable and Wireless HKT.
Pacific Century CyberWorks shares were suspended from trading Wednesday.
Elsewhere, banking giant HSBC Holdings gained 25 cents to 87.50 and flag carrier Cathay Pacific rose 70 cents to 13.70. Conglomerate Swire Pacific A soared 3.60 to 45.00.
Losses in some market heavyweights capped the index's gains. China Telecom fell 1.75 to 62.50 amid concern that the company will make a massive provision for outdated equipment when it releases 1999 results on Thursday.
Cheung Kong Holdings fell 1.50 to 103.50 while its affiliated company Hutchison Whampoa fell 50 Hong Kong cents to 130.50.
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