Brokers expect it will be business as usual now that Taiwan's presidential elections are over, but more belligerent moves on the part of Beijing could bring a backlash in the Hong Kong stock market.

Brokers said many investors were treating the Taiwan issue almost as a non-event last week, as evidenced by the pursuit of property stocks after the government land auction last Monday.

Market-watchers said progress in China-Taiwan relations would be monitored closely because President Lee Teng-hui's overwhelming re-election victory, seen as an embarrassment for China, might prompt China to retaliate in an effort to save face, some brokers said.