Hong Kong stocks finished slightly higher yesterday on the strength of futures-related trading, but red chips and H shares lagged. The Hang Seng Index rose 62.25 points, or 0.5 per cent, to 12,409.16 on an improved turnover of $6.85 billion. Guangdong Investment was the biggest loser, by 13.13 per cent to $1.72, among the blue chips after parent Guangdong Enterprises (Holdings) announced debt-restructuring proposals on Tuesday that would require creditors to take a 27 per cent reduction in loan-principal repayments. 'China-related shares tumbled in response to the Guangdong Enterprises debt-restructuring proposal,' Core Pacific-Yamaichi research director Alex Tang Yee-yuk said. Red chips and H shares underperformed the market. The red-chip index fell 2.29 per cent to 965.12 points, while the H-share index dropped 1.97 per cent to 442.25 points. 'People are just scared about Guangdong Investment,' Dharmala Investment Management Services fund manager Kitty Chan said. 'It's just some panic selling.' Futures trading bolstered blue chips ahead of the expiry of the May index contract tomorrow. 'The market movement was driven by index futures, with major players buying the Cheung Kong group of companies,' Mr Tang said. Without this support from the futures market, the Hang Seng Index would have fallen on the further falls recorded by Wall Street on Tuesday, brokers said. The Dow Jones Industrial Average dived 1.15 per cent to 10,531.09 points. 'This time around, investors appear to be focusing on some of the property-related counters,' Mr Tang said. Sun Hung Kai Properties gained 2.43 per cent to close at $63, Amoy Properties rose 3.12 per cent to finish at $6.60 and Henderson Investment increased 1.9 per cent to $5.35. Lane Crawford's A shares more than doubled to $11.30 after parent company Wheelock announced that it would offer minority shareholders $11.80 per share in a move to privatise the retail chain. 'If they can really use that price to take it, then Wharf and Wheelock will benefit,' Ms Chan said, adding that the net asset value of Lane Crawford A shares was about $16 each. Wharf added 3.01 per cent to $20.50, while Wheelock was unchanged at $9.30. Legend rose 1.58 per cent to end at $4.80. The company announced on Tuesday that its net profit for the financial year to March 31 jumped 34 per cent from a year earlier to $275.26 million. It attributed the gains to strong sales and demand for information through the Internet.