The Hang Seng Index dipped 0.21 per cent, or 20.4 points, over the week to close at 9,636.81.
The Dow Jones Industrial Average closed 0.9 per cent higher, or 81.126 points, at 9,070.21 on Thursday before Friday's holiday.
Kenny Tang Sing-hing at Tung Tai Securities said the recent rally had been based on hopes for a second-half economic recovery.
'Players are now taking a wait and see attitude,' he said. 'Markets will be focused on economic figures and earnings results coming out of the United States.'