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Around the World's Markets: HONG KONG

THE HANG SENG index soared 222.62 points to close at 13,559.69 after hitting a morning high of 13,690.37, its highest since October 1997. Shares in telecommunications company Tricom rocketed more than 1,800 per cent in early trade after Pacific Century Group said it planned to buy the group and turn it into a flagship company.

The chairman of Pacific is Richard Li, the younger son of Li Ka-shing, the Hong Kong property tycoon and chairman of the Cheung Kong Group.