A WEEK of light trading with thin volume passed without much notice and the market generally expects an upturn entering the last quarter of the year. Some stock investors are on the sideline as another session of interim results announcements is due. A cautious mood is overriding any trading initiative. On Monday speculative trading in second-line stocks was up, but H shares had a generally dismal day in the shadow of a negative interim report from Qingling Motors. 'We're down on turnover,' David Lavington, Deutsche Morgan Grenfell deputy managing director, said. 'We're down in terms of the index and the trading range is relatively narrow. Essentially, there's very little to get excited about. The market has run up a long way on the back of the potential for an interest rate cut in the US.' There was no change in the interest rates after the meeting of the Federal Open Market Committee (FOMC) on Tuesday, but the market was not too surprised, staging a technical rebound. Investors showed little interest in the land auction results on Tuesday - the two sites are an industrial/office site near the Kwai Chung container port and a residential site in the Tai Po area. Kerry Group bought the industrial/office site for $88 million. Cheung Kong bought the residential site for $280 million. Neither created much of a stir. All main sectors made overall gains and second-line counters were in the spotlight for much of the day's speculative buying and selling. 'There is not much to read into a day like this,' one broker said. 'There was no real reason for things to go up and, if you have got such low turnover, it is easy to move things 50 or 100 points one way or another,' he said. In mid-week, brokers said the Hong Kong market benefitted slightly from the Daiwa Bank fiasco in Japan. 'The market is in a cogitative mode right now. It's thinking about a lot of things and coming up with nice thoughts for some companies,' said the Kleinwort Benson head of sales, Nial Gooding. Henderson Land Development on Wednesday delivered a modest 16.4 per cent increase in annual profits to $7.02 billion and repeated a $1-a-share special cash bonus payout to shareholders. Property stocks were among favourites in the week. Brokers said investors cleaned up positions as the end of the third quarter came. H shares took a heavy hammering as investors' confidence in these companies' performance was sagging. There could be profit-taking but sentiment is to remain on the upper end in the week ahead. Low Kok-keong, at Dao Heng Securities said: 'The profit-taking has a lot to do with the expiring of futures.'