STOCKWATCH: not bet on rebound of PCCW

PCCW (0008) was caught in stagnancy since it dipped through HK$2 last week and returned to HK$2 alongside the rebounding broad market this morning. However, without strong buying support, the turnover remained meager, indicating lukewarm buying intention. From a short-term view, it may perform choppily at the gateway of HK$2. Investor should not bet on rebound for the time being and short-term holders can consider discarding properly while it bounces. Near-term resistance stance set between HK$2.05-2.1.

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