The Hong Kong stock market closed above the 24,000-point level for the first time yesterday as investors speculated on an upsurge in mainland funds. A weaker yen against the US dollar also buoyed buying sentiment.

The Hang Seng Index rallied to a record high of 24,283.15 in the first 10 minutes but retreated to as low as 23,839 before closing at 24,069.17 for a gain of 183.1 points or 0.77 per cent.

The property and telecommunications sectors led the market rally.