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Bank counters feed further index gains

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INVESTOR appetite for bank stocks was the main factor behind yesterday's 16.16-point rise in the Hang Seng Index, with most other large stocks holding steady or slipping slightly.

There was also strong demand for Swire Pacific A shares, apparently on hopes of an end to the strike at associate Cathay Pacific. Many analysts have been telling their clients to switch to Swire from Cathay.

Swire Pacific A was the best performing share in the Hang Seng Index.

The index closed at 5,939.89 on volume of $2.03 billion.

The market closed before the mainland attack on Secretary for Economic Services Anson Chan over the awarding of the contract for Container Terminal 9.

HSBC Holdings added 50 cents to $62.50, while Bank of East Asia added 75 cents to $36 and Hang Seng Bank added $1 to $58.50.

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