CLP Holdings is the biggest electricity provider in Hong Kong where it also has development interests and is increasingly active as a regional power player. Morgan Stanley Dean Witter (MSDW) recently reiterated its buy on the stock based on its defensive qualities, robust electricity volume growth even in the face of a recession and share repurchase programme. From October to June, sales volume in the company's service area grew 6.6 per cent, with sales to the residential sector rising 10.1 per cent and to the commercial sector climbing 6.5 per cent. This stronger-than-expected sales volume growth was driven by unusually warm weather since April and an increase in consumption related to the opening of the new airport. CLP Holdings had repurchased and cancelled 15.48 million shares as of this June 30. The company began repurchasing stock in late May with the aim of returning excess cash to shareholders. MSDW has observed that the company usually repurchases shares whenever the price falls to less than $33.00.