Hutchison Whampoa drove the Hang Seng Index throughout the week in a market euphoric with Beijing and Washington agreeing on the mainland's entry into the World Trade Organisation. The index closed up 372.55 points on Monday to 14,562.22 and ended the week at a two-year closing high of 15,073.1 points. Monday's WTO news sparked a rally that was sustained throughout the week. Supporting the gains was Hutchison, which was surrounded by good news. Sister company Cheung Kong Holdings also benefited. Hutchison holds about 10 per cent of Mannesmann, a German telecommunications and engineering group for which Vodafone has launched a hostile takeover bid. Vodafone launched a higher bid on Friday, increasing the value of Hutchison's holding and sending its share price to new heights. The stock closed 6.83 per cent stronger at HK$97.75 on Friday. Local brokers are bullish on the bid's outcome. Furthermore, Hutchison announced on Monday it would inject its SAR fixed-line telecommunications and Internet infrastructure businesses into a US$1.2 billion joint venture with Bermuda-based undersea fibre-optic cable firm Global Crossing. In the broader market, red chips and H-shares ran on the WTO news, but their gains were short-lived as profit-takers came into play later in the week. The mainland-related shares on Monday sent the index to a two-year high on the highest turnover in four months. Some blue-chip gains were pared later in the week on profit-taking, but HSBC Holdings and Hutchison kept the index on the upside. HSBC reached its highest close of $102.50 - after adjustments for its three-for-one share split in July. The banking giant gained on positive sentiment after the United States Federal Reserve said it had shifted its monetary tightening bias to a neutral stance. The Fed also raised interest rates by 25 basis points, a move cheered by global markets as it is believed to be the last increase for some time.