THE stock market was mixed yesterday with the Hang Seng Index, pushed up by late futures-related trading, closing 12.42 points, or 0.15 per cent, firmer at 8,332.17. Turnover was thin at $2.12 billion, compared with Thursday's revised $2.3 billion. Brokers said trading was quiet with no aggressive buying or selling ahead of the weekend. While the market was expecting a correction on Wall Street, which has been regarded as seriously over-bought, a lower close of the Dow Jones industrial average did not have a big impact on the market. The Dow dropped 13.49 points, or 0.31 per cent, to close at 4,359.66 on Thursday after hitting highs for two consecutive sessions. Cautious sentiment towards property counters and a lack of direction were also reasons for yesterday's sluggish trade. The Hang Seng plunged in early trade following the fall on Wall Street overnight and touched an intra-day low of 8,224.48 in the first 30 minutes. It then see-sawed between a narrow range, closing the morning session 43.05 points down, or 0.52 per cent, at 8,276.7. The loss was recovered in afternoon trade. A patch of buying in late trading fuelled the index to hit the intra-day high of 8,340.4 just before the close. A dealer at Dao Heng Securities, Low Kok-keong, said: 'The rise in the late trade was pushed by futures-related arbitrages. You can see that from the turnover of the futures market.' 'There was no reason for the index to go up except for futures-related trading.' Large companies such as SBCI, Morgan Stanley and S G Warburg were relatively active. A sales director at HG Asia, Andrew Au, said: 'Some investors were accumulating stocks. But there was nothing special except property counters facing some pressure.' He said selective small banking stocks received support. But Hongkong Bank lost steam and underperformed the main market. The counter shed 50 cents, or 0.548 per cent, to close at $90.75 on a turnover of $258.55 million. The Hang Seng finance sub-index lost 36.05 points, or 0.48 per cent, to close at 7,508.97. Despite a correction expected on Wall Street, dealers said a slump in the market following the US market was least possible. Mr Au said the Wall Street surge was led by domestic factors in the US such as satisfactory company results and larger hope for a 'soft landing'. A Wall Street correction should also be regarded as a domestic issue, he added. Mr Low said some funds had gone offshore because of the Wall Street rally and the Hong Kong market might benefit if the money returned to the territory following a correction in the US. Red chips continued to lead the market with the Hang Seng China Enterprises Index adding 6.78 points, or 0.71 per cent, to 966.4. The Hang Seng property sub-index closed at 13,668.55, up 48.51 points or 0.36 per cent. Cheung Kong added 30 cents, or 0.92 per cent, to $32.90 on a turnover of $116.29 million.