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Friday 13 August 1999 00:02 BST

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HONG KONG

STOCKS surged on gains on Wall Street after five sessions of losses. The Hang Seng rose 341.95 points to 12,779.75, but investors are fear a possible US rate hike. Hong Kong rates usually follow the US as the Hong Kong dollar is pegged to the US currency. "Liquidity isn't strong because a rate hike remains a prime concern," said an analyst.

The biggest gainers were HSBC Holdings, Hang Seng Bank, Hutchison Whampoa and Swire Pacific.

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