UTILITY stocks yesterday led the charge to push the Hang Seng Index up 104.71 points to 7,495.31, as overseas buyers returned after a week's absence.
Barclays de Zoete Wedd sales manager Nial Gooding said: ''The market was a victim of a liquidity hijack, partly from the US and Europe.'' Turnover was a modest $2.87 billion.
The September index futures closed 76 points higher at 7,445 to give a 50.31-point discount to the cash market. Total turnover in all contract months was 10,297 lots.
The utility sector was perceived as a safe haven for US buyers, particularly considering the political uncertainties.
British Foreign Minister Douglas Hurd, who last week said he opposed China hosting the Olympic Games, is expected to come under fire when he meets his Chinese counterpart, Qian Qichen, in New York next month.
The meeting will attempt to resolve the less controversial aspect of the 1994-95 Hong Kong electoral arrangements.
