Hang Seng Index record high

The Hang Seng Index reached a record high of 17,758.76 points yesterday as investors snapped up companies trading on an Internet theme.

Heavyweight blue chips China Telecom and Hutchison Whampoa - which are both developing Internet-related businesses - accounted for more than half of the 473.52-point gain.

The 'new economy' theme was also dominating the broader market yesterday.

Richard Li Tzar-kai's Pacific Century CyberWorks rose 6.62 per cent to $26.25 and Tom.com surged 41.17 per cent to $12 in its fourth day of trading.