Hang Seng set for its 10,000 day
HIKES in Hong Kong stocks in London trading last night suggested that the index could open above 10,000 today, despite its failure to shatter through that level in yesterday's local trading.
At 11 o'clock last night, Robert Fleming from London estimated a 123-point leap in the Hang Seng Index to 10,113.
In local trading, aggressive futures buying triggered a frenzied buying spree in the spot market, with the Hang Seng Index screaming up 240.03 points, or 2.46 per cent, to close at the day's peak of 9,990.26.
That also smashed the previous record all-time high of 9,937.36 attained on Tuesday.
The spot market's lustrous performance was led by frantic buying of December future contracts, which punched through the 10,000 mark for the first time in history to finish at 10,190, after touching an intra-day peak of 10,215.