Investors Splurge on Hong Kong Technology Stocks.
Stocks in Hong Kong's technology companies have been gripped by a buying frenzy since Monday, fueled by rampant speculation that they stand on the brink of attracting major overseas investors or may develop more internet-related products. Since Monday stocks in Pacific Century Cyber Works, New World CyberBase, China Online and GreatWall Technology have accounted for just below 30% of market turnover. The firms made up four of the top five most active stocks, on Tuesday, on the Hang Seng index Hang Seng index
The major index in Hong Kong.
Hang Seng Index
A market-weighted index of 33 stocks making up approximately 70% of the market value of all stocks traded on the Stock Exchange of Hong Kong. of companies listed on the Hong Kong stock exchange This is a list of companies listed on the Hong Kong Stock Exchange (HKEx), ordered chronologically by stock code. The names of the companies appear exactly as they do on the stock exchange listing. .
The activity has been largely driven by CyberWorks, the satellite-based broadband internet See broadband. service provider, which this week announced plans to go live in the first quarter of next year. Even after falling 11.02% yesterday on profit taking, CyberWork's market capitalization Market Capitalization
A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. is now $36.45bn, giving it a market value exceeding 17 of the 33 members of the Hang Seng index. CyberWork's stock price surge has filtered through to companies with related business, particularly ISP (1) See in-system programmable.
(2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. , China Online, in which it holds a stake.