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Record-breaking run continues as index rests above 14,000-mark

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HONG KONG stocks continued their record-setting ways last week, with investors beginning to get used to the sight of the Hang Seng Index closing above the 14,000-point level.

The blue-chip barometer gained 131.57 points over the five sessions to close at 14,062.37 points. It registered three winning sessions, which separated declines sparked by profit-taking on Tuesday and Thursday.

Volumes were healthy. Brokers said that many institutions moved funds into the territory from the markets hurt by the continuing Thai currency crisis.

With the soaring levels of trade, the exchange announced mid-week it was upgrading its computer systems to cope with daily turnover of up to $32 billion - a 60 per cent increase over the old limit.

Last week's average daily turnover was $16.1 billion, compared with the previous week's $15.39 billion.

True to its recent form, the bellwether stock was HSBC. The premier finance counter peaked at a new closing high of $223 on Wednesday.

The other big winner was Hongkong Telecom, which made gains in every session. The utility was supported by the widespread belief that its controlling British shareholder, Cable & Wireless, would sell part of its holding to a China-backed company.

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