Hang Seng Index hits new high
THE Hang Seng Index chalked up another record yesterday with optimism returning both on the political and economic fronts.
A buying frenzy, mostly of overseas investors, saw the index rocket 349.39 points, or 3.75 per cent, to close at 9,674.83.
The new record occurred just seven trading days after its last record at 9,642.91.
It represented the third highest one-day gain in the stock exchange's history.
Turnover was a staggering $9.29 billion, the eighth largest daily trading volume ever recorded.
The lack of negative political news coupled with a relief of previous fears over the US economy sent investors on the buying spree.
Some brokers were surprised by yesterday's rally which continued Wednesday's uptrend after a week's consolidation.
The bull run rekindled brokers' anticipation of a Hang Seng Index at 10,000 points by the end of the year. See Business Post