THE Hang Seng Index is expected to test the 10,000-point barrier today, capping a week-long rally led by property stocks.
Despite a hard-hitting Hang Seng Bank report predicting the housing market was not likely to recover until next year, several developers' share prices soared to year-highs.
The Hang Seng Index (HSI) climbed another 1.4 per cent yesterday to close at 9,939.95 points, bringing the rise since Monday to about 450 points.
The latest boost to stock market confidence is said to have been the visit to London by Chinese Foreign Minister Qian Qichen, seen as having improved Sino-British ties and investor confidence about political stability in Hong Kong after 1997.
Blue-chip property companies such as Cheung Kong (Holdings) and Great Eagle Holdings hit a year high on local and overseas buying of property counters.
Great Eagle rose $1.10 to $20.75 while Cheung Kong was up $1.10 at $43.90.
Henderson Land rose $1.40 or 2.9 per cent to $49.60.