Tom.com led a stunning fightback yesterday on the embattled Growth Enterprise Market, with the portal operator soaring 31.49 per cent to HK$5.95. Tom.com, in which Li Ka-shing's Hutchison Whampoa and Cheung Kong Holdings have a combined 48.44 per cent stake, was boosted by Monday's launch of 12 mainland 'vertical channels' covering everything from news to literature. Some bought Tom.com betting it would eventually turn page hits from the mainland's rapidly growing band of 10 million Internet users into profits. Tom.com, which makes up 28.39 per cent of the GEM index, helped the benchmark jump 13.31 per cent to 496.77 points the day after it hit an all-time low. The SAR woke up to find out that United States Internet poster child Yahoo! had announced second quarter results showing revenues had doubled, trouncing analysts forecasts. That helped the GEM and Tom.com in particular which has a similar business model to Yahoo! 'I think the Yahoo! report was very good last night after the [US] market closed and that triggered some buying interest into the Internet stocks,' said Celestial Asia Securities research head Herbert Lau Chung-kwan. Other commentators said the GEM's rebound was merely a technical bounce, with investors seeking out bargains in a bull market. 'Stocks don't go down forever unless they are going bankrupt,' said David Williamson, sales director at China Everbright Securities. Even including yesterday's bounce back, the GEM index is the third worst performer this year among 480 global stock benchmarks with a loss of 50.32 per cent. 'The base is so low, that's why the rebound is very high, if you look at it in dollar terms it is not so big,' said Kenny Tang Sing-hing, Tung Tai Securities associate director. The GEM rally was unlikely to last, he said, with a slew of new listings coming on to the market in the next few days. The fragile sentiment on the market was underlined by yesterday's trading debut of DigiTel Group, an information systems integrator. The stock only managed to finish at its offering price of HK$1.05 after support buying from underwriter First Shanghai Capital.