Hang Seng Index futures jumped during the last 30 minutes of trade yesterday after Chief Executive Tung Chee-hwa announced steps to revive the ailing property sector. The July contract opened low at 9,520 points but rose about 90 points to 9,650 at 3.30pm. It closed at 9,607 points. 'It was a big kick up,' said Yang Liu, managing director of Atlantis Investment Management. 'Traders are very positive on the impact [of the policy address] on the property sector and economy as a whole.' UOB-Kay Hian Hong Kong director Steven Leung Wai-yuen said: 'The market was quiet until Mr Tung's speech about supporting the property market, and he should be credited for the late rally.' But other analysts were cautious on whether the policy measures would be effective. 'I doubt if anyone would firmly believe Mr Tung can firm up property prices,' GC Capital managing director Dale Tsang said. He said the sudden increase in futures activity yesterday was due to a technical rebound after a four-day slide.
