INTEREST-rate worries sum up the past week on the Hong Kong stock market after indications of a tightening bias in the United States dashed hopes of a further cut in local interest rates. On Tuesday night in the US, Federal Reserve chairman Alan Greenspan expressed a need to address the possibility of rising inflation. On Monday, the Hong Kong market traded negatively in anticipation of the meeting, dropping 266.92 points to 12,588.6, with analysts suggesting the US meeting was the impetus for the market to begin a consolidation. Investors were also possibly adopting a wait and see policy and some expected bargain hunters to come in on Tuesday, giving the market a slight boost. The Hang Seng Index did manage to finish on the upside on Tuesday - 38.5 points stronger to 12,627.1 - but it was the highest close of the week following Mr Greenspan's comments. Second-tier technology plays continued to make gains early in the week. 'The technology theme is alive and well,' one analyst confirmed, as takeover target Tricom Holdings soared 28.33 per cent to $1.54 on Wednesday. The rise came ahead of an announcement of a placement of shares by Tricom's parent, Star Telecommunications International, which raised $492 million by off-loading 400 million shares of Tricom Holdings at $1.23 a share. Tricom is the listed vehicle for Richard Li Tzar-kai's Pacific Century Group, the developer of the proposed Cyberport project. Global Tech, a mid-sized cellular telephone company, also fared well, finishing the week up 5.76 per cent to $2.75 and Legend Holdings continued to impress brokers, with Tai Fook Securities saying it was set be a leader of hi-tech stocks. But the rise in the Hang Seng on Tuesday was short-lived, as the Federal Reserve meeting cast a shadow over the rest of the trading week. Blue chips, including market heavyweight HSBC Holdings, dragged stocks closer to the 12,000 resistance level, with brokers signalling the consolidation was in full swing. Furthermore, the US dollar surged, causing investor jitters in Asia. The Hong Kong dollar is pegged to the US dollar. Interest-rate sensitive stocks, such as leading banks and property developers - the main thrust of the Hang Seng Index - finished weaker from Wednesday through to Friday. Property stocks were also weaker as a result of the failure of prices to appreciate following the Government's land auction last month, one analyst said. 'One thing weighing on sentiment is that the pace of activity is slowing down in the property market,' Paribas Asia analyst Simon Irwin said. The possibility of an interest rate rise in the US in the near-term was touted as the significant factor for the lagging market. 'The drop in the Hang Seng Index was a reaction to the US Fed, and the market was short of exciting news to push it higher,' Celestial Asia Securities head of research Eugene Law Ka-kin said mid-week. Another analyst said 'it is a continuation of a consolidation trend on ever decreasing volumes'. Friday's trade was quiet, with property stocks further pushing the index down. China plays weakened in anticipation of Guangdong Enterprises group restructuring meeting on Tuesday, with some banks concerned they may have to write off loans to the group. 'I think the market was looking quite tired and it was no surprise,' Deutsche Securities head of research Archie Hart said. The Hang Seng Index finished the week down 0.83 per cent to 12,272.14, a 103.28 point drop.