'Dead cat bounce' is the term used when a stock or index has been falling so long that it rebounds (temporarily) at any excuse. The description could fit the Thai SET 50 index, which jumped more than 14 per cent last week. Investors had been betting that government measures to shore up the financial sector would start to stabilise the economy. The rebound was a long time coming. Until a week ago, the SET 50 had lost nearly 50 per cent of its value since the start of the year. In Hong Kong, the Hang Seng China-Affiliated Corporations Index, more commonly known as the red-chip index, made stunning gains last week, rising more than 11 per cent. It was a fitting performance, timed with Hong Kong's return to Chinese rule. The rumours of mainland parents selling assets to their red-chip offshoots continued to flourish, despite Beijing rules designed to stem the practice. The biggest beneficiary of such talk was China Everbright International, which leapt 35 per cent on Friday, despite the absence of any solid news. China may be celebrating the return of Hong Kong, but there is little to cheer about on the Shanghai B-share market. Last week the B stocks fell 4.2 per cent amid rumours that the Beijing government will impose further anti-speculation measures in the coming days. With that loss, the B-share market is now down 0.53 per cent for the year. South Korea was another loser last week. Its Composite Index fell 4.13 per cent. The stocks appeared to be on the mend until a week ago. Analysts have been cautioning that any recovery would be unstable until large-scale structural reforms of the business and banking communities have been carried out.