Blue chips edged higher in Hong Kong yesterday as investors waited for more clues from Wall Street that a global liquidity-driven rally still had some legs.
The Hang Seng Index ended 79.38 points higher at 11,253.3, having lost as much as 59.38 points in the morning following a weak performance in New York on Wednesday.
'The Hang Seng Index is moving in a tight range and consolidating,' Phillip Securities research director Louis Wong Wai-kit said. 'That is healthy for a future upward move.'
Buyers were spurred on in the afternoon by a rise in the futures of the United States' benchmark S&P-500 Index, Mr Wong said.
With Wall Street closed yesterday for Thanksgiving, there were limits to how far traders would stick their necks out.
Leading yesterday's gainers were interest-rate sensitive issues. Henderson Land rose 2.04 per cent to close at HK$29.95 while HSBC climbed 1.07 per cent to settle at $94.25.
