Hong Kong stocks dipped below the 10,000-point level on the Hang Seng Index yesterday for the first time this year but then quickly bounced back, bolstered by the fact that Wall Street and the US dollar lived to see another day.
The index finished the day 2.01 per cent or 203.64 points heavier at 10,313.89, having fallen to 9,977.77 in the first hour of trade.
Sun Hung Kai Properties leapt 5.35 per cent to HK$59, Hutchison Whampoa packed on 3.54 per cent to $58.50 while Johnson Electric rocketed 8.06 per cent to $8.35.
Stocks that rose 4 per cent or more included Dah Sing Financial, Henderson Land, Wharf Holdings, Citic Pacific, Bank of East Asia and Asia Satellite.
Not everyone joined the party. CK Life Sciences closed at $2, its listing price, having fallen as low as $1.92 during the day.
Brokers were surprised but not shaken from the bear stance that is de rigueur for survival in today's market conditions.