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2005-8-16 12:29:00 p.m. HKT, XFNA
STOCK ALERT - HK-listed South Sea Petroleum surges on speculative interest
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HONG KONG (XFN-ASIA) - South Sea Petroleum was sharply higher as some
speculative investors bought the stock on hopes that the record crude oil
prices will enable them to cash in on potential boost to the company's
earnings, dealers said.
The stock was up 0.05 hkd or 8.47 pct at 0.64.
""This company claims to have oil drilling rights in Indonesia, but nobody
really knows if this is true or not. It made some 8 mln hkd in profit last
year, but lost several hundred million the year before,"" said Francis Lun,
general manager at Fulbright Securities.
""It looks like there are scores of punters out there who are hoping that
this company's earnings will receive a big boost from the record oil prices.
But this company has no track record of earnings and performance and this
makes the stock a risky buy,"" he said.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
jc/rc
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