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Index holds its ground in futures challenge

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FUTURES traders pushed the market sharply down in morning trading yesterday, but failed in their bid to test new lows as the key 8,800 support level was maintained.

The Hang Seng Index, after dropping as much as 120.85 points, closed higher by a marginal 4.66 points, or 0.05 per cent, at 8,900.48.

Turnover was light, at $2.84 billion, slightly up from Friday's adjusted $2.73 billion.

Volume was thin, with 1.25 billion shares changing hands.

Blue chips were mixed, as stronger banking and utilities counters balanced weaker property stocks.

'The market was quite heavily led by futures-linked trading to break the 8,800 support level,' Dharmala Securities research director Ben Kwong said.

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