Hang Seng Index receives a late lift from rumours ahead of a surprise Lands Department assembly
Property stocks strengthened yesterday on expectations the government would reform its lands policy, helping an otherwise uninspired Hang Seng Index to reverse modest losses on the day in the final hour of trading.
The blue-chip index climbed 33.58 points, or 0.24 per cent, to finish at 13,979.35, up from an intraday low of 13,890.78 grazed in the morning.
July index futures contracts pierced the psychologically significant 14,000-point level, ending 77 points, or 0.55 per cent, higher at 14,065.
Late in the trading day, the Lands Department announced an evening press conference. Traders then returned to key property counters, which have been lacklustre in recent days, hoping that the government would introduce significant measures to support an uncertain property market.
Henderson Land ended the day at $35.50, up 0.28 per cent, while Cheung Kong rose 0.68 per cent to $73.75. Sun Hung Kai Properties ended flat at $74.
