All but nine stocks on the 42-member Hang Seng Index advanced.

恒生指数的42成员中只有九支股票上涨。

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Instead of jacking up lending rates, Tsang used the reserves both to buy off hedge funds dumping Hong Kong dollars and to purchase Hang Seng stocks, lifting the index.

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Sandwiched between the problems of the West and China, Hong Kong's Hang Seng Index, made up largely of Chinese stocks known as H-shares, was also battered, finishing the year down 20%.

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In Hong Kong however, stocks were still recording fresh declines, with the Hang Seng Index down 0.3%.

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