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SCMP Reporter

THE stock market made modest gains yesterday as investors looked forward to next week's corporate earnings reports.

  The Hang Seng Index added 0.84 per cent, 89.22 points, to 10,763.23. Turnover was $4.71 billion.

  The Robert Fleming Shadow Index, which tracks Hong Kong stocks trading in London, was down 50 points to 10,703 last night.

  Brokers expect some good profit figures when blue chips begin reporting next week, starting with HSBC on Monday.

  ''If the HSBC results are good we can expect to see a pick-up in sentiment,'' said one broker.

  The market reacted positively to Federal Reserve chairman Alan Greenspan's comments that the US economy would continue to grow in a low-inflation environment.

 James Capel Asia associate director John Horsham said: ''Most people were pretty relaxed after Greenspan's speech.''   Investors had held back earlier this week awaiting Mr Greenspan's address to Congress and it now seems the grey interest-rate cloud hanging over the market has cleared.

  Trading continued to be dominated by the futures market yesterday, although Nomura vice-president Gary Wong said there was some selective institutional buying of blue chips.

  Sentiment has slowly improved over the last few days as brokers think the market has pretty much hit bottom.

  However, analysts expect the market to keep trading in the 10,000-to-11,000 range until buying interest picks up.

  Trading yesterday was very volatile, with the index swinging through three major cycles.

  The index opened slightly down, in line with London trading, to hit the day's low of 10,634.44 just after opening.

  A surging futures market took the index to the 10,750-mark in the first hour of trading. The index then faltered, and lost ground, before picking up before lunch to close the morning session at 10,689.23.

  In the afternoon, the index oscillated around the 10,700-mark for half an hour looking for direction.

  Futures-led buying and some late institutional trading led a rally around 3 pm with the index moving up 120 points to reach the day's high of 10,815.21.

  Utilities were the best performers.

  The utilities sub-index gained 1.3 per cent, 142.07 points, to close at 11,089.35.

  Utilities had lost ground for a few days as uncertainty remained over the direction and timing of interest-rate increases, and a few big buyers off-loaded their holdings.

  Mr Greenspan's indication that there would be no large increases in the interest rate has calmed investors' nerves and made utilities look more attractive.

  Hongkong Electric and China Light and Power were respectively the fifth and sixth highest turnover stocks.

  China Light and Power surged three per cent to close $1.25 higher at $43 on $170.54 million turnover.

  Hongkong Electric gained 0.78 per cent to close 20 cents higher at $25.90 on $177.42 million turnover.

  Property counters continued their good run in recent days, with the property sub-index rising 1.21 per cent to close 233.85 points higher at 19,588.49.

  Hongkong Land gained 1.53 per cent to close up 40 cents to $26.50, Cheung Kong added 25 cents to end 0.56 per cent higher at $45.25 and New World Development added 25 cents to $33.

  HSBC remained static at $117 on a very low turnover of $318.91 million.



Greenspan view of US economy brightens mood