Hang Seng Index

Index rebounds to pass 10,700

PUBLISHED : Thursday, 23 December, 1993, 12:00am
UPDATED : Thursday, 23 December, 1993, 12:00am


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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.

Property stocks fared well and were actively traded, dominating the top 10 turnover chart with six entries led by Hutchison Whampoa and Sun Hung Kai Properties.

December futures added 210 points to 10,720, ending at a 12-point premium to the spot index, on an estimated volume of 14,199 lots.

January futures also leapt 210 points to 10,750, a 42-point premium, on an estimated volume of 4,173.

Some analysts still thought the index could smash through 11,000 before Christmas, while a few thought it would consolidate.