Hong Kong stocks ended narrowly weaker yesterday. Property counters led the way down on renewed fears about the adoption of anti-speculation measures despite a recent fall in the rate of transactions.
Among blue chips, buying focused on Hongkong Telecom amid talk that parent Cable & Wireless was close to selling a stake in the telecommunications provider.
Red chips and second-liners continued to attract solid investor interest.
Eugene Law, director of research at Lippo Securities, said: 'The market is concerned that there might be further anti-speculation moves. People have to be careful.' The caution may be in reaction to bullish assessments earlier in the week that burgeoning residential sales at escalating prices would spice up developers' earnings.
The Hang Seng Index ended 39.32 points weaker at 13,410.76 points. It was the 29th consecutive close in a 600-point range centred on 13,400.
Turnover was $10.72 billion, compared with Tuesday's $10.25 billion.
An overnight fall on Wall Street and a rise in long-bond yields also undermined sentiment, brokers said.
