Wheelock stocks

PUBLISHED : Wednesday, 10 June, 1998, 12:00am
UPDATED : Wednesday, 10 June, 1998, 12:00am


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Shares in Wheelock yesterday extended Monday's heavy losses as long-term investors sold out of the stock after its associate Wharf had its debt ratings cut, brokers said.

Wheelock fell 9.34 per cent to $4.125, taking its losses this week to 17.5 per cent.

On Friday, United States ratings agency Moody's Investors Service said it was cutting Wharf's debt rating to reflect a 'deterioration in its financial strength'.

An analyst said some big funds had finally lost patience with stocks such as Wheelock, Wharf, Swire Pacific and Hysan Development.

'Their primary objective is to dump these stocks and they don't really care about the price,' he said.

Wharf was also sold down yesterday, falling 1.77 per cent to $8.30 and extending its losses for the past two days to 6.74 per cent.

Since hitting a high for this year of $8.95 on February 2, Wheelock has tumbled 53.91 per cent.