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Deal activity seen to resume as the Hang Seng hits a new high

Confidence is starting to return as the recovery is supported by expectations of a significant inflow of Chinese household savings.
Six days. That was all it took for the Hong Kong stock market to rid itself from the bearish mood that had pulled it down more than 3,000 points in just over three weeks and return to its pre-subprime crisis levels.

There is no question that there are still concerns about additional fall-outs from the widespread exposure among banks to the US subprime loans, but yesterdayÆs 655-point gain by the Hang Seng Index to a new record close of 23,777 points was a clear indication that this is no longer an issue that will be allowed to have a market-wide impact without a specific reason.

ôThe China individual investment story has taken over as the...
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