Hong Kong stocks look set to be trapped in slow trade this week, after making healthy gains over the past fortnight. The market has advanced more than 400 points this month, boosted by friendly economic data from the United States and better than expected results at the territory's two key banks. Stocks ran out of steam at the end of last week, however, and a decline on Wall Street on Friday means further short-term gains now look unlikely. Last week, the Hang Seng Index gained 142.06 points, or 1.29 per cent, to 11,104.03. On Friday it fell 60.33 points. Last Monday's strong interim earnings at HSBC and Hang Seng Bank gave the market a boost during the week, with shares in both counters making solid gains. Results could again drive the market and, if so, tomorrow's interim results from Bank of East Asia could be the catalyst. Impressive figures at the third of the blue-chip banks could give the market an extra filip, but brokers said this might already be factored into stock prices. Seapower Securities senior marketing manager Samuel Ho said: 'The stock has gone up a lot. People expect the results to be good, but it should not have a big effect on the market.' Other blue chips to report this week include Oriental Press Group, which posts final results today, and Shangri-La Asia, which announces interims on Friday. Economic data from the US over the past two weeks has given the market plenty of impetus, as slower than expected job growth figures eased the threat that interest rates would rise soon. Friday's US producer price inflation figures for July were flat, confirming that the US economy is slowing. This is good news for Hong Kong stocks, as interest rates are now even less likely to increase. The figures helped the Hang Seng London Reference Index add 18.23 points to 11,122.26 on Friday. This week sees more US economic data in the shape of retail sales figures and consumer price data, both issued tomorrow, and housing starts, released on Friday. Another potentially market-moving event this week occurs on Wednesday, with the first land auction of the fiscal year. The auction will see two residential sites go under the hammer, one in Tai Po, and one at a smaller site in Shek O. Property stocks could rise if the bidding is enthusiastic, but analysts said later auctions would be more indicative of the property market. Analysts see strong resistance at 11,200, which the index briefly tested last week, and strong support at 11,000. The August future contract is trading at a discount of 44.03 points to the Hang Seng Index, and this, accompanied by declining volumes, indicates the market is set to enter a consolidation phase.