Hong Kong stocks posted their first loss in five sessions yesterday as mounting concern over the property sector took share prices lower. Brokers said lacklustre sales of new units hurt developers. An overnight fall on Wall Street further weakened sentiment, they said. Alex Tang, research director at Yamaichi International, said: 'Property counters are under selling pressure due to the poor response to the release of several projects.' The Hang Seng Index dropped 67.98 points to 12,358.7. Turnover rose to $8.18 billion from $6.65 billion on Wednesday. Eugene Law, research director at Lippo Securities, said poor sales at Sun Hung Kai Properties' East Point City jolted the market. On Wednesday, the developer said it had secured takers for only 52 of 215 Tseung Kwan O units on offer. The previous sale at the site in January attracted thousands of potential buyers and brokers said the contrast provided a vivid illustration of the sector's troubles. Brokers said properties were also in line for profit-taking after moving up on Wednesday. 'There was an issue of covered warrants on Tuesday. The companies that were marked up were in line to come off today,' one broker said. Sun Hung Kai Properties shed 1.3 per cent to $76.50, Amoy Properties dropped 2.35 per cent to $7.90 and Hang Lung Development slipped 1.32 per cent to $14.25. China-related shares bucked the downtrend. Mr Law said: 'Red chips are still doing fine, following Shanghai Industrial's asset injection. People are back on that theme.' The trading arm of Shanghai's government raised $4.76 billion on Wednesday by issuing 139.47 million new shares. Shanghai Industrial rose 30 cents to $35.80. Patrick Chia, head of research at China Everbright Securities, said: 'Red chips and H shares outperformed. I guess their correction has ended, there has been no action from China's stock authorities to restrict asset injections. In addition, the macro-economy is good . . . Inflation is low and two rate cuts have revived activity.' Utilities also performed well. China Light & Power jumped $1 to $34.50 and Hongkong Electric added 15 cents to $27.55. With little good news on the horizon, the market is expected to remain range-bound in the coming weeks. NatWest Markets head of regional research Nicholas Moakes said: 'People are still worried about rates, it is going to take a while to work that out.' Despite yesterday's slip, he remained bullish on property stocks, arguing that the fundamentals of the property market remained strong.