AFTER a $4.57 billion placement by Hutchison Whampoa on Thursday, the stock market was the scene of volatile trading yesterday with the index closing up 2.82 points at 6,798.34. Hutchison and stablemate Cheung Kong dominated the market with combined turnover of $722.1 million, accounting for 15.2 per cent of total market turnover of $4.7 billion. Hutchison had turnover of $438.7 million as the stock climbed $1.10 to $20.40, its first close above $20. Cheung Kong was up 60 cents to $26.90 on turnover of $264.3 million. Brokers disagree on how Hutchison and Cheung Kong will perform next week. Seapower Securities research director Samuel Lau Kwok-leung said both stocks had outperformed the index recently and needed to see a correction. ''I think Cheung Kong and Hutchison should consolidate because they have gone up too quickly,'' he said. But Jardine Fleming director W.K. Wan said he expected the strong performance of both counters to continue. The other blue-chip stock to make big news was HSBC Holdings, which tumbled through the $70 barrier with a $1 drop to $69. It was the second heaviest traded stock, turning over $283.4 million. HSBC was not the only banking stock to decline as Hang Seng Bank fell $1 to $57 and Guoco Group was down 50 cents to $19.70. The finance sub-index was down 90.86 points to 6,592.74. Mr Wan said it appeared that investors were selling HSBC to move into smaller stocks. He said the banking sector's year-long out-performance of the market had ended. Buoyed by Hutchison's placement, investors rushed to the market. The index peaked at 6,803.93 just after 11 am. The index fell back to the day's low of 6,770.74 just before noon, before rebounding to 6,787.56 at lunchtime. The afternoon saw the index trade narrowly between 6,780 and 6,800 before closing at 6,798.74. Among second-and third-line counters, Peregrine Investment continued to attract a lot of interest with turnover of $78.7 million. The stock, which climbed five cents to $2.75, has jumped 30.9 per cent in the past month. Brokers said Peregrine was going to enjoy a profitable year and would probably benefit from underwriting some of the nine Chinese-controlled enterprises planning to list in Hongkong later this year. World Trade Centre fell 17 cents, 8.2 per cent, to $1.88 while rumours of a takeover by a mainland investors swirled in the market. Conic Investment moved even more wildly, closing down $2.225, 31.7 per cent, at $4.775. The company, the subject of a takeover offer by China Aerospace, has seen its stock climb from 78 cents over the past month. ''It's casino-like trading,'' said Mr Lau.