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Index take-off aborted

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HEAVY profit-taking and the lack of a result in yesterday's airport talks pushed the Hang Seng Index down 47.63 points to 7,164.2.

The decline followed Tuesday's 182.8-point jump to 7,211.83 on the back of renewed buying interest from overseas investors and optimism of positive results from the airport talks.

Yesterday's turnover was $4.12 billion, a 16 per cent increase from Tuesday, with blue-chip stocks accounting for the majority of the action.

The index got off to strong start, jumping 40.79 points by 10.30 am, but then investors started to take profits, sparking a gradual slide.

News came at lunch time of yet another stalemate in the airport talks, sending the index into a dive when it reopened for trade.

Crosby Securities head of sales Patrick Allen said the market saw follow-through buying to start the day, boosted by better-than-expected interim results from HSBC Holding's Midland Bank unit.

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