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Index seesaws to end above 6,200

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OPTIMISTS and institutions looking for cheap stock overcame pessimists on the stock exchange floor yesterday, pulling the Hang Seng Index up 26.19 points and above the 6,200 mark.

The index rose, fell and then rose as investors took differing interpretations of yesterday's Legislative Council session in which the Government said it would gazette Governor Chris Patten's election proposals ''as early as possible'' but gave no date.

The continued delay in gazetting the bill has been seen as a sign of willingness to discuss the proposals.

''I think sentiment at the moment is still quite mixed,'' said Mr K.S. Ng, assistant director at Barclays de Zoete Wedd. ''6,200 is a resistance level. When it goes above that we get some profit-taking.'' Yesterday the index crossed the 6,200 level three times and only just held above it at the close of trade to end at 6,203.88 on a turnover of $2.73 billion.

Hongkong Electric benefited from a rosier view of utilities after Wednesday's profit announcement from Hongkong and China Gas.

Hongkong Land, which is lifting its stake in Trafalgar House of Britain, also performed well, possibly helped by the warrant issue announced by Barclays de Zoete Wedd.

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