Isle stocks mixed
despite 512.61-point
Dow dive

Most Hawaii stocks
were already in the doldrums

By Russ Lynch
Star-Bulletin

Most Hawaii stocks, already in the doldrums before today's drop in world markets, were largely unaffected by the downturn that brought a 512.61-point drop in the Dow Jones industrial average.

Of the 24 Hawaii-related stocks tracked by the Star-Bulletin, 14 were down, five were up, and five were unchanged.

Hawaii's banks, which analysts say are being dragged down by worries about banks in general because of the international financial and economic crises, were down slightly.

Isle analyst Randy Havre, of Honolulu Venture Capital, said the local banks got hit despite their relatively small involvement in Asia. Pacific Century Financial Corp. closed today near its book value of $14.19, Havre said.

"They (investors) are not giving any premium for its growth potential. Two times book or even three times book has been paid in the recent past" for banks with good growth, Havre said.

Pacific Century, parent of Bank of Hawaii, closed at $14.75, down 44 cents. At the end of last week, Pacific Century's board approved a resumption of the company's purchases of its own shares. The buyback had been suspended in January.

First Hawaiian Inc. closed today at $29.37-1/2, down 62-1/2 cents.

One Hawaii stock bucked the trend. Alexander & Baldwin Inc. closed up $1.50 today at $23.50. "A&B was already at a real low price," Havre said.

The buyers are investors, not short-term traders, he said. Havre said his average of Hawaii stocks was down 8.73 percent for August while the Dow was down more than 15 percent.