Hong Kong: Property stocks lead the way up

By AFP

SHARE prices closed at a record high yesterday, up 1.78 per cent, as property stocks posted strong gains on hopes of an interest rate cut in the US next week, dealers said. US rate cut hopes were bolstered by a sharp drop in US existing home sales and a big loss reported by financial services giant Merrill Lynch due to mortgage securities-related writedowns.

The gains helped offset weakness in H-shares driven by expectations of new economic tightening measures in China.

The Hang Seng index closed up 520.96 points at 29,854.49.

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