THE stock market rose more during Mr Macleod's speech than for any Budget in the past five years, leaving it barely 11 points below the record closing level set last November. Stock analysts and economists gave good reviews to Mr Macleod's speech. Mr Keith Ferguson, economist at stockbroker W.I. Carr, described it as ''user friendly'' with ''something for everyone'' - including the stock market. Mr Danny Truell, head of Hongkong equities research for S.G. Warburg, said the Budget would be good for property development and financial stocks, partly because interest rates would stay low. Lower-end retail groups, some of which rose strongly yesterday, would also be helped as fewer people were to pay tax. Dealers said many of the proposals had been leaked in the preceding days, which had already affected some share prices. Some retailing stocks had drifted up in the hope that people would spend rather than save their tax windfall, and the shares of property stocks had bobbed up and down on speculation that the 70 per cent ceiling on mortgage loans would be lifted. ''While there is nothing here for us to shout about, we view the effects and implications of the Budget as generally positive for the stock market,'' said Mr Ray Farris, economist at Crosby Securities. The Budget is overshadowed by the belief that London and Beijing will soon announce an end to the dispute that sent the market crashing in November and December. Many believe the market will today break its record close of 6,447.11. ''Given today's sentiment, it will do it,'' said Mr Nichols Pang, research manager at OCBC Securities. The Hang Seng Index closed yesterday at 6,436.64, a rise of 1.5 per cent on the day, half of which was achieved while Mr Macleod was on his feet.