Index rebounds to pass 10,700

STRONG buying in selected index constituent stocks and bargain-hunting sent the Hang Seng Index on a rebound yesterday.

It climbed 183.68 points, 1.75 per cent, to 10,707.96 on a turnover of $7.66 billion.

The rise surprised some brokers, who had expected the market to continue to take a breather from the previous rally.

Others, however, said alternate rises and falls were to be expected for a consolidating market.

Rumours of covered warrant issues on some major stocks pervaded the market.

Analysts said the thinning turnover indicated the lack of strong buoyancy for the market in the coming days.