Hong Kong stocks rose for a fifth consecutive day yesterday, as investors chased up the market expecting good results from Cheung Kong and Hutchison Whampoa. Li Ka-shing's flagship companies posted their interims after the market closed, but many investors bought into the stocks ahead of time hoping for a good return. The market was also boosted by talk that China might cut key interest rates by more than a percentage point this weekend. The Hang Seng Index closed up 42.27 points at 11,478.77. At one stage it had been 49.88 points down. Turnover fell to $4.88 billion from the revised $5.87 billion on Wednesday. One dealing director said: 'The market was driven up by the results of Cheung Kong and Hutchison. People thought the results would be good so they were buying those stocks.' The two counters were among the most actively traded, with Cheung Kong closing 75 cents up at $57.50, and Hutchison adding 30 cents to $49.30. Speculation that China would further ease credit this week also attracted buyers, as lower interest rates in the mainland would help the corporate earnings of many Hong Kong companies. Talk of a possible rate cut helped boost H shares and other China-related enterprises. HSBC James Capel salesman Rory McAllister said: 'China is poised to cut interest rates, and that is raising expectations.' The market started the day in reverse after Wall Street fell overnight, but it soon resumed the uptrend that has carried it 302.79 points higher this week. Among the 33 Hang Seng Index constituents, 19 advanced, eight closed unchanged, and six lost value. Properties led the market up with the Hang Seng properties sub-index adding 0.9 per cent to 21,542. Joining Cheung Kong in the advance, Sun Hung Kai Properties rose $1 to $78, and Great Eagle added 25 cents to $23.30. Utilities were mixed after leading the market for the previous two days. Hongkong Telecom dropped 10 cents to $13.25, and China Light & Power rose 30 cents to $33.90. Non-index stock, Wing Hang Bank suffered the biggest net loss on news Bank of New York had sold 5 per cent of Wing Hang's issued share capital. Wing Hang dropped 59 cents to $29.25. Taiwan-based noodle-maker Tingyi (Cayman Islands) jumped 4.73 per cent to 1.77 on news the company had formed a joint venture to build a cooking-oil factory in Tianjin. The warrant market was active, with four new issues being put out yesterday. Warrants were issued on Cheung Kong Infrastructure, Great Eagle, China Light and on a basket of H shares.