STOCKWATCH: Wharf sharply higher on bargain-hunting

HONG KONG (AFX-ASIA) - Wharf Holdings shares were sharply higher on bargain-hunting, against a weak broader market, dealers said.	    At 12:13 pm, Wharf was up 1.0 or 5.46 pct at 19.30 on volume of 1.69 mln units.	    The Hang Seng Index was down 19.10 points at 12,602.75.	    "I think the company's stock is attractive since the current price has declined from the top of about 23.0 hkd. It's very cheap now," an analyst with a local brokerage said.	    He said the buying interest may also have been triggered by the disposal of the company's stake in the Cross-Harbour Tunnel Co at a premium of 369.23 pct.	    "But the overall contribution from the sale to the group is not that significant," the analyst said.	    In addition, he said some investors may buy ahead of the company's 2000 results due next Monday.	    "With the better-than-expected results released by i-Cable Communication yesterday, some investors may expect Wharf's earnings will also be satisfactory," he added.	    However, he said it is difficult to justify the results as the sole reason for buying since different investors will have different focus amid the current market sentiment.   	    He said Wharf is estimated to post about 2.3 bln hkd in net profit for the year ended 2000, lower than 3.21 bln hkd a year earlier.	    "My forecast has not factored in any provisions," he added.	    He said the company's rental income will remain satisfactory during 2000 even though Gateway Phase II has not been fully occupied.  	    The company currently holds a portfolio of rental property of a total area at about 11 mln square feet, with core properties in Harbour City at 8.2 mln sq ft and Times Square at 2.0 mln sq ft. 

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