First Pacific shares lower

First Pacific shares lower

HONG KONG (AFX-ASIA): First Pacific Co Ltd shares were sharply lower on Tuesday on concerns over the continuing political instability in Indonesia, where the company has significant business, dealers said.

At 11:58 am, First Pacific was down 0.125 at 2.60 hkd on volume of 3.17 mln shares, while the Hang Seng index was up 136.80 points at 15,829.91 on turnover of HK$4.17 billion.

"While the situation in the Philippines has stabilized to some extent, attention has been shifted to political uncertainty in Indonesia," said Arthur Law, an analyst with Core Pacific- Yamaichi International.

Law said the market is waiting for Indonesian President Abdurrahman Wahid's response to allegations of financial irregularities with continuing uncertainty damaging investor confidence.