Shares in Pacific Century CyberWorks and Cable & Wireless HKT experienced heavy selling pressure after they resumed trading yesterday following the takeover announcement. Shares in HKT tumbled as much as $4.25 or 16.3 per cent to $21.70 after CyberWorks' proposal valued them at between $22.99 and $24.36 - lower than market expectations. HKT closed at $22.75, down $3.20 or 12.3 per cent, with 58 million shares changing hands. 'People were expecting CyberWorks to value HKT shares at $30, so fund managers have to sell them because of the big difference,' Jonathan Iu, analyst at SG Emerging Markets Equity Research said. 'This is only a technical sell-off.' CyberWorks shares dropped $1.75 to close at $20.40, after hitting an intra-day low of $19.80. It was heavily traded with 148 million shares changing hands, compared with daily volume of 80 million shares in the past month.