Wall Street's rally on Friday may boost Hong Kong stocks at the opening today, but brokers warn any impetus could be short-lived. Concerns that the United States Federal Reserve might opt for a 50 basis point rise at its policy meeting would keep trade thin and volatile, they said. 'Volatility will still prevail,' said Sassoon Securities research head Vivian Kwok. 'The likelihood is that people will sell down ahead of the interest rate spike in the US.' On Friday, all key US stock indices rose, with the Dow Jones Industrial Average gaining 1.58 per cent and the Nasdaq Composite Index jumping 2.59 per cent, as positive corporate news offset data showing unemployment at a 30-year low. The news, combined with strong retail and productivity figures, offer more of a case for an above-average interest rate lift at the May 16 Fed meeting. Ms Kwok said interest rate concerns were compounded by the globalisation of some of Hong Kong's biggest corporates, which was diminishing profits reinvested in the local economy. 'There's a lot of concerns of money outflowing from Hong Kong,' she said, pointing to Hutchison's recent telecommunications investments in Britain and Germany. Daiwa Securities vice-president Michael Liang said trade would be relatively quiet in the first part of the week, but some bargain-hunting might emerge once the expected rate rises were priced in. 'I think we'll see 50 basis points on US rates and the market has already priced in about 80 per cent of that,' he said, dismissing concerns that the Fed could try to send a strong message to the market by raising rates before the Federal Open Market Committee meeting. The rumours were heard in Wall Street dealing rooms last week. Mr Liang said Fed chairman Alan Greenspan 'only did that once, in 1998' after the Long-Term Capital Management fund nearly collapsed. 'He's a very predictable man. So I write that one off.' The Hang Seng Index has fallen in five of the past six weeks, battered by a global rout in technology stocks and the interest rate fears. The index shed 1.61 per cent last week to 15,268.64 points, although several second-liners put in solid performances. Gainers last week included Swire Pacific, up 6.36 per cent to HK$46.80, SmarTone, 4.91 per cent to $25.60, Shangri-La, 3.46 per cent to $8.95, and all the utility stocks. Property and banking stocks were under-performers - the property sub-index dived 7.02 per cent to 14,825.74 points - on interest rate concerns. Hong Kong's interest and forward rates have risen during the past few weeks amid cross-strait tensions. Brokers said mainland-related and interest rate sensitive stocks could be vulnerable before Taiwan's president-elect Chen Shui-bian was inaugurated on May 20.