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SCMP Reporter

PROPERTY stocks, out of favour with investors over the past week, became a popular target for bargain-hunters yesterday as the sub-index roared ahead 890.52 points to 21,684.93.

  The sector's 3.9 per cent climb provided the market with much of its thrust yesterday as the Hang Seng Index gained 365.46 points to 11,366.94, regaining much of the ground lost on Friday.

  Henderson Land, which had been knocked down each day since hitting a record high of $59 on January 3, boosted the index by 36.29 points by jumping $4 to $54.50.

  Sun Hung Kai Properties was also a popular target, rising $2.50 to $72 on a turnover of $407.8 million. Hutchison Whampoa rose 50 cents to $35.75, Hongkong Land edged up 40 cents to $27, and Cheung Kong climbed $1.25 to $46.75.

  New World Development, which peaked at $41.75 on December 30 before tumbling 16.7 per cent, climbed $1.75 to $36.50.

  Great Eagle was among the best-performers, jumping 11.1 per cent, or 70 cents, to $7.

  Of the 10 most heavily traded stocks, property developers accounted for 15.1 per cent, or $1.63 billion, of total turnover of $10.8 billion.

  Following a climb of Hong Kong stocks in London on Friday night, the market opened strongly yesterday, rising 187.46 points to 10,288.94 within the first 15 minutes.

  Profit-takers and bargain-hunters then proceeded to fight a spirited battle throughout the morning before the index close for lunch at 11,241.3.

  In the afternoon, the index continued to gain strength before weakening on a final wave of profit-taking before the close. The afternoon rally was helped by a sharp climb of index futures.

   January futures soared 595 points to 11,475, while February futures were up 575 to 11,525.

  HSBC was the most heavily traded stock, with a turnover of $737.65 million. Its price rose $2 to $109.

  Bank of East Asia made a rare appearance among the active traders, with a turnover of $306.91 million. The stock climbed $4.50 to $60.

  Brokers said many investors were buying stock because the bank was expected to issue bonus shares or cash next week when it released its final results to mark its 75th anniversary.

  Before Bank of East Asia released its final results last year, the stock climbed slightly and hovered around $29.75. It failed to rally even after the bank announced a 35.9 per cent jump in profits.

  CITIC Pacific was the third most actively traded, with a turnover of $400.93 million as investors moved in when the stock dropped to around $23, a level brokers described as good value. The stock was up $1.60 to $25.10.

  COA International's gain of 21.5 per cent, or 20 cents, to $1.13 was the day's best while Buildmore International was up 16.6 per cent to $1.82.

  Innovisions, which saw a 53.7 per cent stake sold by Dickson Concepts last week to mainland-controlled Maxton International, tumbled 17.9 per cent, or 14 cents, to 64 cents.

  Emperor (China Concept), which saw a 70 per cent control block sold by Emperor International to a mainland-controlled consortium, dropped 4.7 per cent, or 40 cents, to $8.05.

  Both stock weakened on a report that both deals would be blocked by China securities regulators because they had contravened rules forbidding back-door listings.

  However, Joan Cheuk, an official with CEF Capital, which arranged the acquisition of Emperor China, said all the necessary approvals to complete the deal had been received.

  And an official with Maxton, who declined to be identified, said senior officials in Beijing had given their approval.

   He pointed out that Maxton was 60 per cent-owned by Euroway Development, which had been incorporated in Hong Kong for years.

  ''There is nothing in China to say this can't be done, and nothing has been published. There has only been a general policy statement,'' he said.

  ''It would be funny if a Hong Kong company was regulated not by law in Hong but but by vague statements in China.''   Arnhold, which supplies building products and engineering equipment, enjoyed a successful debut by closing at $2.15, 72 per cent above its issue price of $1.25.

  The sharp increase was not unexpected because Arnhold's initial public offering was a massive 583 times over-subscribed.



Property shares lead run