Hong Kong stocks strengthened yesterday after Wednesday's buoyant session on Wall Street and just before the announcement of a reshuffling of a leading index series.
The Hang Seng Index climbed 101.77 points or 0.95 per cent to close at 10,744.91. However, with a turnover of only HK$5.71 billion, analysts said stocks were off the menu.
'Not just for Hong Kong, but in global markets as a whole, people are losing their buying incentive for equities . . . so the market is just marking time,' Tai Fook Securities research head Marco Mak Tak-kwong said.
Strong guidance from United Technologies coupled with analysts leaping to the defence of Microsoft Corp and Cisco Systems helped United States equities break out of the downward trend on Wednesday.
Wall Street's influence was clearly felt as exporters such as shoemaker Yue Yuen Industrial climbed 3.14 per cent and micromotor manufacturer Johnson Electric rose 4.36 per cent.
Shun Tak continued its upward march by surging 5.67 per cent. The stock has gained 23.14 per cent in the past five sessions.
