All eyes were on China Unicom yesterday as the mainland telecommunications group made its debut in a declining Hong Kong market. The Hang Seng Index skidded 1.76 per cent to end 285.78 points lower at 15,952.36 on a turnover of HK$11.84 billion. Without Unicom, turnover would have been $8.32 billion, weaker than Wednesday's figure. Celestial Asia Securities head of research Herbert Lau Chung-kwan said: 'Unicom represented about 30 per cent of market turnover . . . the listing went pretty well'. Unicom rose to as high as $17.30 from an initial public offering price of $15.58 before closing 7.83 per cent up at $16.80. However, fellow telecommunication plays China Telecom and Hutchison headed south after a strong run-up ahead of the Unicom listing. China Telecom dropped 2.6 per cent to $65.50, while Hutchison slipped 1.25 per cent to $98.75. Market watchers said reaction to the day's trade was mixed but no one was surprised. On Wednesday, Unicom's American depositary receipts listed in New York and traded in a similar pattern. 'It was maybe a little bit less than expected,' Dao Heng Securities deputy head of institutional sales Geoff Galbraith said of the Unicom listing. 'It closed a bit less than in the US and because of a little bit of disappointment in that, it pulled down China Telecom and that's the story,' he said. Others said they saw the market as in need of a slight downturn, saying it had had a good run recently. 'Investors have taken the opportunity to take some cash back out and Unicom, while it was good, it was not that stunning,' a head trader said. Mr Lau believed the marketplace was still a little jittery ahead of a possible rise in United States interest rates next week. He also said the downside for property was limited as selling pressure was beginning to 'dry up' as volumes subsided. Sun Hung Kai Properties declined 1.32 per cent to $56, while Cheung Kong slid 1.15 per cent to $85.75. In the broader market, mainland-related oil stocks made minor gains after the Organisation of Petroleum Exporting Countries announced on Wednesday in Vienna that it would raise its production quota by 708,000 barrels a day from July 1. The rise was lower than a hoped for one million barrels a day, meaning less downside for oil prices. H share Shanghai Petrochemical climbed 1.76 per cent to $1.15, with Zhenhai Refining and Chemical gaining 3.2 per cent to $1.29 and PetroChina edging 0.6 per cent higher to $1.66. Internet counter Pacific Century CyberWorks put in a lacklustre performance, finishing down 1.54 per cent at $15.90. However, the listless trade may be short-lived following its merger with Cable & Wireless HKT. 'Everyone and his uncle has a write-up saying they're going to $32-$36,' one trader said. Swire Pacific remained on the upside, rising 0.67 per cent to $45, despite having its Standard & Poor's A-minus credit rating put on credit watch with a view to possible downgrade on concern about property profits. Associate Cathay Pacific Airways jumped 3.59 per cent to $14.40 after soaring earlier as much as 4.7 per cent following comments from the airline's director of corporate development that growth would exceed analysts' forecasts.