STOCKS languished in lacklustre trading last week, as turnover and volume shrank amid signs the summer doldrums were really setting in. Investors remained on the sidelines awaiting a number of important corporate result announcements due over the next few weeks and further news on the interest rate front. In the meantime, this week's interim results from Cathay Pacific Airways and Swire Pacific will be watched closely for indications about the performance of companies closer to home. Over the last two weeks the index has shuffled between 9,248 and 9,465. John Schofield, research analyst at Schroder Securities, said: 'Give it another week and the market will probably make up its mind which way to go. It could happen any day.' Most of the interest last week centred on CITIC Pacific's successful bid for the Tamar Basin site at Central, and this provided several days of impetus. Interest in second and third liner counters was also a feature of the week. Monday saw the index treading water, as it closed just 1.73 points higher with lack of liquidity strangling any positive momentum. On Tuesday, the index dropped 68.15 points, as fears of poor corporate earnings created selling pressure. Wednesday saw the index take further punishment until a late rally saw it recover losses and post a 24.87 point gain. This was spurred by rumours that the Hang Seng Bank was planning to sell a stake to the Bank of China. Next day, the bank announced it was opening a new branch in Guangzhou. Thursday saw the index fall again, losing 30.42 points after a higher than expected price was announced for the Tamar site. Market-watchers said the $3.35 billion paid by CITIC was too high. CITIC shares dipped 50 cents to $20.95 on the news. Friday saw the index slip further as insecurity about corporate results again kept investors out of the market. The index ended the day 16.89 points lower. CITIC, however, bounced back 10 cents. The index eventually finished the week down 88.86 points and at the close on Friday was 9,362.83. Turnover was $14.78 billion, down from the $15.73 billion for the previous week. Wharf lost 70 cents to $23.90 in a week in which Standard & Poor's changed its long-term outlook rating from stable to negative. Telecom dropped 35 cents to $13.85 as its de-rating continued following the onset of competition in fixed telephone services. Small cap stocks had a much better week than their major counterparts as bargain hunters again scoured the ranks of the minor plays for opportunities. The Hang Seng Midcap 50 Index gained 5.6 points to 1,286.44.