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HONG KONG

Wednesday 30 June 1999 00:02 BST

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THE HANG SENG index weakened after ignoring a stronger-than-expected land auction. HSBC led the index down. It closed 74.80 points, or 0.54 per cent, lower at 13,765.49.

The fall came despite a good government land auction, with two large sites - on Hong Kong's Victoria Peak and in Kwai Chung in the New Territories - fetching more than expected. HSBC was sold on fears that its acquisition of Republic New York Corp might hit investor resistance.

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Around the World's Markets

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