Hong Kong stocks edged lower yesterday as the market lost momentum and uncertainty over possible moves by the incoming government to tackle property speculation dragged prices lower.
Utilities bucked the trend, pushing higher as a basket warrant was issued against the sector.
The Hang Seng Index shed 87.45 points to close at 14,307.15.
Turnover was $14.06 billion, the lowest level in a month.
Brokers said red chips continued to see buying interest in the wake of the launch of an official index to track the sector.
China Everbright Securities research head Patrick Chia Tai-man said: 'For the past two days it has rebounded . . . so it is time to take a break. It's ahead of [Chief Executive-designate] Tung Chee-hwa's report on housing.' After a steep sell-off on Thursday, which clipped the blue-chip index by about 500 points, the market regained most of that loss in the following two sessions.
