CONCERN about earnings growth continued to dominate the stock market, with the Hang Seng Index making a modest gain of 0.2 per cent, or 16.99 points, to 8,484.66 points yesterday.
Banking stocks such as HSBC Holdings and Hang Seng Bank added some fuel, while property counters remained under pressure following lower-than-expected earnings reports by leading property companies.
Market activity concentrated on a few heavily weighted index constituent stocks, including HSBC, Cheung Kong and Hutchison Whampoa, which accounted for more than 30 per cent of trading volume.
Turnover dropped to $3.23 billion on dull trade.
Brokers said stocks were mixed and were traded in a narrow range. Selling pressure, triggered by disappointing corporate earnings reports on key blue chips like Cheung Kong and Hutchison, was subdued yesterday.
Seapower Securities research director Samuel Lau Kwok-leung said the companies would face selling pressure in the short-term, but he believed they could be stable at this level.
