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Land sales fuel gains in property counters

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STOCKS edged higher in thin trading yesterday, boosted by improved sentiment towards property counters.

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The Hang Seng Index closed 35.12 points higher at 9,523.87, a gain of 0.37 per cent. At one stage it had been 65.03 points up.

Turnover was light at $2.68 billion, up from the revised $2.46 billion for Friday. Volume was improved, with 1.47 billion shares changing hands.

Trading was spread across the market, with second and third liners gaining a relatively high share of the attention.

Brokers said the rise was fuelled by the better outlook for the property market, as this was increasing interest in the property stocks.

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Schroder Securities salesman Colin Sze said: 'The climate of property sales is reviving, and people are going back to the secondary market. There has also been a revival of interest in mortgage loans.' The land auction held yesterday was seen as good for sentiment, with the prices paid for the two sites - one at The Peak and one at Tsuen Wan - exceeding expectations.

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