Jusco drops after impressive debut

Carrie Lee

JUSCO Stores (Hong Kong) was the day's biggest loser, dropping 10.11 per cent or 22.5 cents to $2, after its 39 per cent gain on its market debut on Friday.

It had a turnover of $12.55 million as 5.78 million shares changed hands yesterday.

Meanwhile, the All Ordinaries index plummeted 5.34 per cent or 327.31 points to 5,800.98. That compares with the 6.11 per cent drop in the Hang Seng index.

The top 10 percentage gainers were non-blue chips, whereas index constituent stocks accounted for four entries on the 10 worst performers list.

Third-line stocks fared a little better than the index constituent stocks, although both were caught in the general fall.

The total volume of index constituent stocks was 165.12 million shares, accounting for 12.8 per cent of total market volume.

That compared with the average six per cent last week.

Meanwhile, the 10 biggest index constituent stocks had a total turnover of $4.78 billion, representing about 49.43 per cent of the market total.

The losing streak of H shares and red-chips seemed to be over, as only one H share stock - Wing Shan International - featured in the 10 worst performers list.

Wing Shan International went down 20 cents or eight per cent to $2.30 as the day's 10th biggest loser in percentage terms.

It posted a turnover of $1.98 million on a volume of 824,000 shares.

Of the 10 busiest stocks in volume terms, only Teletech International and Seapower Resources International gained ground.

Teletech rose 4.59 per cent or 0.4 of a cent to 9.1 cents, on the day's third heaviest volume of 36.4 million shares, giving a turnover of $3.29 million.

Seapower Resources International added 0.65 per cent or one cent to $1.53, as 16.66 million shares - the day's sixth highest volume - worth $25.67 million changed hands.

Lai Sun Development, the eighth heaviest traded stock in volume terms, was the day's sixth biggest loser.

It shed 8.51 per cent or 20 cents to $2.15 on a volume of 15.73 million shares and a turnover of $34.9 million.

Uniworld was the day's heaviest traded stock in volume terms, with 74.54 million shares traded.

The stock lost 4.91 per cent or 0.3 of a cent to 5.8 cents, on a turnover of $4.33 million.

Trading records released by the stock exchange yesterday showed that Cheung Kong (Holdings) raised its interest in Shougang International from 13.62 per cent to 14.75 per cent from February 1 to 3.

During that period, tycoon Li Ka-shing also increased his stake in Shougang International from 13.62 per cent to 14.75 per cent.

The exchange's trading records also showed that Pam & Frank directors Yeung Kai-fai and Yeung Liu Wing-chau reported a reduction of their stake in the company from 63.42 per cent to 51.43 per cent each.

On the same day, Pentagon International also reduced its interest in the company from 59.92 per cent to 47.93 per cent.