The Hang Seng Index is likely to climb back to the 28,000-point level today and test its record high this week amid strong market liquidity and bullish sentiment, analysts say. They also expect the mainland markets to soar today, the first day of trading after the week-long National Day holiday to catch up with recent gains in Asian markets. American depositary receipts (ADRs) of Hong Kong-listed blue chips including HSBC Holdings, China Life Insurance and China Mobile gained substantially on Friday, providing strong support to the Hong Kong market, said Ben Kwong Man-bun, head of research at KGI Asia. 'The three heavyweights combined could already add about 170 points to the HSI,' Mr Kwong said. US stocks rose for a fourth straight week, with the Standard & Poor's 500 Index rising 1 per cent to a record 1,557.59 points on Friday after employment growth data eased concern that mortgage losses will cause a recession. HSBC's ADRs rose to a record high equivalent of HK$153.12 a share, HK$2.32 or 1.54 per cent higher than its closing price in Hong Kong on Friday. China Life's ADRs closed at HK$49.62 a share, HK$1.27 or 2.63 per cent higher than its Friday close in Hong Kong, while China Mobile's ADRs ended at HK$131.79 a share, up HK$1.89 or 1.45 per cent. Mr Kwong expects the index to hover between 28,500 and 28,600 points today, up from Friday's close of 27,831.52, and to test this week the intraday high of 28,871.04 recorded last Wednesday. 'The market is now betting the index will climb to 30,000 very soon on strong liquidity,' Mr Kwong said. But he warned that the market might see a big correction after gaining so much this year and that Beijing might introduce new monetary measures to cool the mainland's runaway inflation during the 17th Communist Party central committee meeting. The HSI added 857.54 points or 3.18 per cent to close at 27,831.52 on Friday, for a total gain of 2.54 per cent last week - the fourth straight weekly advance and its longest winning streak since the five weeks to April 20, driven by fund inflows from the mainland. Michael Wong, a research director at Hantec Investment, expects the Shanghai Composite Index to challenge 5,600 points today when the market reopens after the golden week holiday. It closed at 5,552.3 points on September 28. Some funds that flowed into Hong Kong from the mainland during the holiday might return to the mainland market, helping the A-share market to catch up with the recent Asian market rally, he said.