New-economy stocks came back with a vengeance yesterday as the Hang Seng Index jumped 5.17 per cent on nearly double the money flows seen in recent trading.
The blue-chip index gained 722.96 points to 14,713.86.
Turnover soared to HK$17.6 billion compared with a combined HK$15.33 billion in the first two trading days this week.
Seven Nasdaq counters, which began trading in Hong Kong yesterday, added little to the action - about HK$18 million - but brokers said it was a timely debut after the Nasdaq's Tuesday rally. Telecoms-related plays were the biggest movers boosted by another multi-billion dollar mobile phone deal in Europe.
'The three big telco plays are market leaders today - China Telecom, Hutchison and Cable & Wireless HKT,' Prudential-Bache head of technical analysis John Schofield said.
The stocks together added 553.7 points to the index.
