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SCMP Reporter

The Hang Seng Index broke 13,650 points yesterday, drifting to its fifth consecutive daily rise ahead of the long holiday weekend.

  Brokers said gains on Wall Street and lower US long-bond yields had convinced investors the market was primed for further gains after the holiday.

  Blue-chip property and banking stocks were the focus, boosted by optimism that US interest rates will be unchanged.

  Dharmala Securities research manager Ben Kwong said: 'There was bargain-hunting ahead of the New Year as investors think there will be a good opening next week.'   The Hang Seng Index closed at 13,660.50, up 112.07 points, or 0.82 per cent.

  Volume remained subdued at $7.24 billion, compared with $6.74 billion on Tuesday.

  Archie Hart, at BZW Securities, said: 'The market just drifted higher.

  'A lot of people are already away for the holiday.'   HSBC posted one of the strongest gains, rising $2 to $184. Aside from expectations of stable interest rates, investors are also betting that the bank will show strong results on March 3.

  Hang Seng Bank also did well, up 1.91 per cent, while Union Bank rose 4.69 per cent and Wing Lung rose 4.05 per cent.

  Property stocks continued to recover from their recent downturn.

  Cheung Kong rose $1 to $75.75 and Henderson Land gained 75 cents to $73.50.

  The promise of stable interest rates is good news for property counters as more people will be able to afford mortgage payments.

  Sentiment was also boosted after the Government said it was considering extending the pre-sale period for property developers.

  If the period is extended to 15 months, from the existing 12 months, it would improve the cash flow of property developers.

  On the losing side, Hysan Development fell 30 cents, or 1.05 per cent, to $28.20.

   The company said it planned to sell $2 billion worth of floating-rate bonds in order to pay for its purchase of the Entertainment Building in Central.

  Oriental Press fell 10 cents, or 3.44 per cent, to $2.80.

  Despite the general sense of optimism, the market has to jump a couple of hurdles before reopening next week.

  The Federal Open Market Committee (FOMC) released the results of its monthly meeting early today. While it was largely expected to leave interest rates alone, a surprise increase would hit the unprepared market very hard.

  On Friday, the US will release employment figures, giving another indication of the state of the economy and the outlook for interest rates.

  Taiwan Securities dealing director Patrick Cheung said: 'These figures can significantly alter the trend of the market.'   Mr Kwong said: 'Overall, the technical trend is quite good.'   He said the index had broken above the 10-day moving average, clearing the way for further gains.



Positive end to Year of Rat