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Amy Chew

GOOD company results and the prospect of more to come helped the stock market to its third record close in a row yesterday.

    Buyers continued to chase blue-chip shares, pushing the Hang Seng Index up 32.18 points to 7,560.97.

  There has been a flow of good first-half and final results, and high expectations of today's interim announcements by Hutchison Whampoa, Cheung Kong and Hang Seng Bank fuelled buying.

  The index has now jumped 37.16 per cent, 2,048.58 points, this year.

  An afternoon buying surge swelled turnover to $4.63 billion.

  Brokers expect the market to continue to firm - barring any negative political or economic news.

  Morgan Grenfell institutional salesman Stuart Gregory said: ''Hong Kong's stock market is considered attractive and cheap at the current level when compared with the rest of the world's major stock markets like New York, London, Singapore and Malaysia, which are also hitting all-time highs.''   Wharf Holdings rose 10 cents to $20.70 following Wednesday's announcement that property sales had helped its first-half net profits grow 44 per cent to $1.38 billion.

   In Singapore, the 30-share Straits Times Industrial Index ended at 1,951.4, a closing record for the fourth trading day.

  Dealers reported a rush of buying from overseas - led by Japanese, US and UK investors.

       The index was up 23.06 points, 1.2 per cent, to 1,951.4 points on a volume of 128.6 million shares worth S$335.7 million (about HK$1.62 billion).

     Investors appeared to welcome the news on Tuesday that the long-awaited sale of shares of Singapore Telecommunications would be much smaller than expected.

     ''In early trading, reaction to the Telecom news was mixed, but now Japanese and British institutions seem to be very positive about the share issue,'' said Tom Hester, an institutional salesman with Baring Securities (Singapore).



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