WEDNESDAY'S property auction and demand for HSBC Holdings sparked a broad-based rise on the stock market yesterday, with the Hang Seng Index moving up 67.21 points or 1.2 per cent.
The significance of the rise was reduced, dealers said, by the low turnover of $1.86 billion, indicating investors were still very cautious about the risks of further attacks from China over Governor Chris Patten's election proposals.
The caution persisted despite an apparent weakening of the Government's position on the 70 per cent mortgage ceiling.
World International, part of the consortium that paid a record $3.53 billion for a plot of Crown land in Diamond Hill, was in demand, although the best performing share in the index was Dairy Farm, bouncing back from a dismal week.
The rise was first felt in trading of Hongkong stocks in London overnight. When the local market opened it moved up sharply in response.
The opening quote of 5,723.45 was the day's low, and after 15 minutes of trading the index stood at 5,766.61, up 55.81 from Wednesday's close.