THE stock market continued to display casino-like characteristics yesterday as investors enthusiastically placed bets on the next takeover targets for mainland enterprises. Thirteen of the 20 most heavily traded stocks were second and third-line counters that could be vehicles for back-door listings or see asset injections from controlling mainland shareholders. Vickers Ballas research manager Raymond Ho said the speculative environment had been intensified by reports in Chinese-language newspapers that Beijing had set a deadline of the end of next month for mainland enterprises to complete back-door listings. All this speculation is happening while the nine mainland enterprises struggle to meet listing requirements for the Hongkong stock exchange. Tsingtao Brewery, which will be the first state-owned firm to be listed, announced yesterday that it would issue 317.6 million H shares at $2.80 each. World Trade Centre, now controlled by China National Cereals Oils and Foodstuffs Import and Export Corp, was the most heavily traded stock with turnover of $312.1 million. The stock jumped 30 cents, 14.8 per cent, to $2.33 on speculation that it was being ramped in anticipation of a rights offer. Dynamic Holdings soared 41 per cent, 30 cents, to $1.03 as many investors gambled that it would be snapped up by mainland interests. This is the highest Dynamic has traded since December 1990. Turnover was $158.5 million. The company issued a statement that it was unaware of any reasons for the increase in the price and volume of its shares. Other non-index stocks among the top 10 most heavily traded were Magnificent Estates, Lolliman Holdings, Starlight International and Tung Wing Steel rights. The latest addition to the list of potential takeover targets was Tern Properties, which rose 28.8 per cent, 65 cents, to $2.90. Brokers said takeover rumours swirled around the company about four months ago but the stock consolidated at $2.30. They said the sharp increase in Tern's stock was not based on fundamentals because its property portfolio was mediocre. Garment manufacturer Unison International was up $1.15 - 28.3 per cent - to $5.20 while Public International gained $1.30 to $6.65. Kader Investment continued its strong run with a $1 rise to $30. The stock has now climbed $19.70 - 191.2 per cent - since Shougang Holdings and tycoon Li Ka-shing purchased a 74 per cent stake in Kader for $582.4 million on May 18. Among the 33 blue-chip stocks, HSBC Holdings accounted for 21.62 points of the index's jump by leaping $1.50 to $73.50, while Hang Seng Bank contributed 16.92 points with a $1.50 climb to $58.50. China Light and Power gained $1.50 to $40.75 as many investors continued to retreat to the relative safety of utility stocks. Hongkong Electric was up 30 cents to $18, Hongkong China Gas rose 10 cents to $14.20 and Hongkong Telecom increased 10 cents to $10.70. The only index stocks to decline were Hysan Development, Television Broadcast and Lai Sun Garment. Brokers said TVB's 40 cent drop to $20.80 was due to profit-taking and concern that News Corp's plan to take a 22 per cent stake in the company might not be completed because of worries about cross-media ownership. Sassoon Securities issued a strong sell recommendation in a recent research report. It believed News Corp's involvement in TVB might hinder TVB's plans to penetrate the Chinese media market because Beijing might feel threatened by News Corp's international clout. The property sub-index posted the largest jump - 208.11 points to 11,322.19 - while the utilities sub-index gained 128.75 points to 8,079.36.