Hong Kong stocks jumped more than 100 points in the early session after the US Federal Reserve failed to raise interest rates. Profit-taking on HSBC, however, trimmed gains later in the day. Property stocks were strongest due to their sensitivity to interest rates. Patrick Chia, head of research at China Everbright Securities, said: '[Unchanged rates] will release pressure on the property market so their shares benefited.' The Hang Seng Index ended at 11,603.53, up 56.83 points, a gain of half a per cent. Turnover was $5.42 billion compared with a revised $10.38 billion on Tuesday. Tuesday's volume was inflated by the combined $5 billion placement of new shares by Henderson Land and Cosco Pacific. Property stocks led the charge, with Cheung Kong advancing a strong 1.8 per cent. However, short selling accounted for roughly 5 per cent of the $142 million turnover for Cheung Kong. Sun Hung Kai Properties ended up almost 1 per cent. Most banking stocks were also stronger, with Hang Seng Bank and Dao Heng Bank both ending up nearly 1 per cent. After touching the 11,650-level, the index drifted through the late session as investors switched their attention to cheaper second-line stocks. Mr Chia said the recent share placements by Henderson Land and Cosco Pacific had dampened sentiment. 'People are afraid that more cash calls will happen,' he said. Electronic parts-maker Honko International and shoe manufacturer Pegasus Group are planning to launch initial public offerings worth $255 million in the coming weeks. HSBC ended down 50 cents to close at $141. Traders said selling from London was likely to blame for the losses. The 11,600-point level appeared to offer support to the index, broker said. Among smaller stocks, Tricom rocketed 52 per cent to $1.18 after China Strategic said it would buy 37 per cent of the mobile phone operator for $1.20 a share. China Resources Enterprise rose 3.5 per cent on reports the firm's results will improve in the second half. Clothes retailer Glorious Sun added another 3.5 per cent yesterday to close at $2.90. Broker said the large over-subscription during its IPO, exposure to China and 'solid' management would continue to attract institutional investors. Analysts said that after a nearly 700 points since the start of September, it might be time for the Hong Kong market to drift lower. Michael Ng, dealing director at Sassoon Securities, said: 'The market will be looking for a consolidation at this level.'