STOCKWATCH: PCCW higher on technical rebound

HONG KONG (AFX-ASIA) - Pacific Century CyberWorks Ltd shares were higher  on a technical rebound after posting losses over the past week, analysts said.      They said there are still uncertainties surrounding the company,  especially as concerns its 2000 results which will be released tomorrow.            At 11:56 am, PCCW was up 0.10 hkd or 2.899 pct at 3.55 on 33.269 mln  shares.      The Hang Seng index was up 7.23 points at 12,957.72.             An analyst with a local brokerage said there are still "a lot of problems  ahead" for PCCW, especially with the goodwill it has to write-off for the  purchase of Hong Kong Telecom.      "And what used to be the most valuable assets for PCCW is no longer  valuable anymore," she said.      She said the fixed line business is now the 'cash cow' for the PCCW  group, a business that the company paid for with a high premium.      The analyst estimates PCCW's share price to be worth about 3.00 hkd "at  most."      Another analyst with a local brokerage attributed the gain on the share  price to a technical rebound as PCCW has been falling for the past seven days.      "It is hard to say if the stock has hit bottom at the moment. We are  still waiting for them to announce their results tomorrow."      He said he will be in a better position to assess PCCW's share price  valuation only after seeing how the company has presented its results,  especially on how it books its extraordinary items.      He said a lot of analysts are looking at a share value of 3.00 hkd or  less, after stripping out the exceptional items and the value of its venture  capital investments including NOW.			

Related stock : (NIL)