STOCKWATCH: PCCW shares rangebound ahead of results

HONG KONG (AFX-ASIA) - Pacific Century CyberWorks Ltd shares were trading in a tight range on thin trade, ahead of the release of its 2000 results, analysts said.	    They said investors are unlikely to take fresh positions on the company given the uncertainties surrounding it.	    The market is expecting PCCW to report net losses for 2000, after taking into account its write-downs for investments and goodwill amortisation.	    The overhang of the sale of Cable & Wireless PLC's 7.5 pct interest in PCCW, however, will continue to pressure its share price even after the release of the results, they added.	    At 10:55 am, PCCW was unchanged at 3.50 hkd on turnover of 8.489 mln shares. The shares were trading between a range of 3.30-3.55 hkd.	    The Hang Seng index was up 221.55 points at 12,929.45.	    Tung Tai Securities' Giovanni Kuang said the turnover on PCCW shares is relatively smaller than usual.	    "This indicates that investors are reluctant to take up new positions on the stock. They are waiting for the results."	    Once the results are out of the way, the next looming question will centre on the sale of Cable & Wireless PLC's 7.5 pct stake in PCCW.	    As C&W has board representation on PCCW, it is not allowed to sell its stake in the month prior to the release of PCCW's results.	    Kuang, however, does not think C&W will "dump the shares" in the market after the results, as to do so would be "disastrous to PCCW's share price".	    He believes that both C&W and PCCW are looking for buyers for the stock, although, given the current weak global sentiment towards telecommunication stocks, this may be difficult.	    "PCCW has incurred a lot of investments in the high tech arena which is not promising. Investors are quite cautious about the prospects for the company ... it is difficult to sell the shares," Kuang added. 

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