The Hang Seng Index yesterday rose by 2.4%, beating the 17,000 level for the first time since March on a flow of foreign investment betting that the US interest rate cycle is near its peak.
There was across-the-board buying, with telecoms, banks and red chips all gaining ground. But nervousness about earnings prospects held back small internet-related companies, which fell slightly along with the GEM index.
Investors sought big stocks whatever the sector: the two most heavily traded counters were HSBC Holdings and China Mobile (Hong Kong), which together make up nearly 50% of the Hang Seng's weighting.
The Hang Seng properties sub-index jumped 4.8% cent as investors scooped up Hysan Development, up 15.7% at $10.30, and Amoy Properties, 9.8% ahead at $6.70.
Away from the main board, Internet leader Pacific Century CyberWorks jumped 7.06% to $15.15.
Despite the market's optimistic mood, brokers were cautious, with several warning that it was too soon to predict the end of interest rate rises in the US.
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