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.