Sunday Communications fell more than 5 per cent in its debut on the main board yesterday, amid uncertainty about the valuations of technology and telecommunications shares. After gaining 41 per cent during its first Nasdaq trading session in the United States overnight, the mobile-phone operator opened at $4.50, or 19.04 per cent higher than its issue price of $3.78. But the shares later lost ground to end the day at $3.57, a drop of 5.55 per cent. The stock was the day's second-most actively traded, with 242.06 million shares worth $941.17 million changing hands. Sunday group managing director Craig Ehrlich said the stock's performance was 'just a market demand and supply question'. 'When we spoke with investors from around the world, my impression was that they liked us very much,' he said. 'It is all about sentiment rather than fundamentals,' said one analyst with a regional brokerage who expected further slide in the share price. He said the 2.63 per cent drop in Nasdaq and weaker Hong Kong sentiment, particularly in afternoon trading, all contributed to Sunday's unexpected drop. Some analysts had expected the shares to rise to about $5 on their debut. Sunday's retail offering of 69 million shares, or 10 per cent of the shares offered, was over-subscribed 35 times. As a result, more shares were offered - 207 million or 30 per cent of the entire issue - to retail investors. Brokers said heavy selling by Merrill Lynch and Lehman Brothers meant retail investors had suffered. 'We have a lot of retail clients who are losing money but still want to hold on to Sunday,' Tai Fook Securities deputy managing director Lennon Chan Wing-luk said. He said clients were also losing on the Growth Enterprise Market-listed Hong kong.com, which made its debut on March 9. It has seen prices halve to close at $3.30 within six trading days. In Hongkong.com's case, however, there was no retail offering. By contrast, Tom .com remains well above its issue price, closing yesterday at $11, down from a record high of $14.30. Its shares were issued at $1.78 each. 'Clients were hoping the new stocks would repeat the success of Tom.com. But they haven't,' said Mr Chan. All eyes will now be on this morning's debut of shares in Sunevision, the technology arm of Sun Hung Kai Properties. The grey market price has come back from above $20 to between $15 and $18, according to brokers. Meanwhile, Sunday's less than sparkling performance did not affect sentiment towards Wah Sang Gas Holdings, which made its debut on the GEM board. Its shares surged to $6.35, more than 4.8 times its issue price of $1.30. About 11.92 million of the gas supplier's shares changed hands on turnover of $72.5 million. The company's offer of 37.5 million placement shares was 12 times oversubscribed.