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Around the World's Markets: Hong Kong

HONG KONG shares closed slightly higher yesterday, with a lack of any real buying interest mitigated by some futures-related activity. The Hang Seng index closed at 10,225, a 0.5 per cent gain on the day.

"It has been a lousy year," said one trader. "A lot of funds see no need to go back into the market and take more risks."

Lai Sun Development, the property firm, gained 16 per cent on news that it would sell a stake in its Chinese property arm to repay HK$20bn of debt.