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HK stocks edge down in lacklustre afternoon trade

HONG KONG: Hong Kong stocks were lower in lacklustre afternoon trade on Thursday with investors seeking out Cable & Wireless (C&W HKT) and some other technology stocks but shunning much of the rest of the market.

At 1500 local time the Hang Seng Index was down 144.05 points or 0.92 percent at 15,570.15. Turnover was HK$10.63 billion from HK$9.30 billion on Wednesday.

Traders said investors were sidelined by continuing US interest rate fears, and uncertainty over the direction of US stock markets. However they said buyers were again intervening when the local market fell more than one percent.

"Some bargain-hunters came in and bought technology stocks," said Antony Mak, sales director with Vickers Ballas.

Mak said investors focused on C&W, which was benefiting from renewed rumours of a spin-off of its Internet operation.

C&W was up HK$1.25 or 6.27 percent at HK$21.20 on turnover of HK$610.34 million.

Pacific Century CyberWorks Ltd was up HK$0.30 or 1.88 percent at HK$16.30.

China Telecom (Hong Kong) Ltd was down HK$1.90 or 4.04 percent at HK$45.10.

Selling of China Telecom, one of the index's biggest constituents, pulled almost 120 points from the benchmark index.-Reuters