The market yesterday found an unlikely saviour to rescue it from a humdrum day - the Hong Kong Exchanges and Clearing. The newly corporatised exchange made its trading debut and closed at HK$8.25 - 112.62 per cent higher than its issue price of $3.88 - soaking up $1.14 billion of the day's $8.78 billion turnover in the process. The Hang Seng Index rose 176.86 points, or 1.1 per cent, to 16,155.77 but was flying on just one engine - China Telecom, which saw its price rise 3.38 per cent to $68.75 on a turnover of $1.34 billion. 'China Telecom accounted for about 80 per cent of the index movement [yesterday],' Nomura International trader John Lau said. 'It was pretty lacklustre overall, the market is treading water.' With the United States Federal Reserve to announce a decision on interest rates later today, genuine buyers were reluctant to step up to the plate. Celestial Asia Securities director Josephine Hui Suet-ming said the market was likely to stumble once the month ended, as 'big players' would no longer be buying to push up the market and make a profit from the June futures contract. The end of the month would also signal the end of buying by fund managers looking to boost the prices of key holdings before their half-year book closings. However, brokers were able to cast aside any gloomy thoughts as they watched the value of their shares in the exchange soar. While they could pocket healthy instant profits, market watchers were divided on whether the stock was worth picking up now. 'I think this is the highest it can go in the short term, it doesn't have much exciting news,' Ms Hui said. 'Fifteen times earnings, which is $7.50, is reasonable compared to overseas exchanges which are trading on 20 times earnings.' Prudential-Bache Securities Asian institutional sales vice-president Michael Liang said the Hong Kong exchange should trade at a premium to a listed market like Australia's. 'It has got better growth prospects. Around $7 it would be a buy,' he said. CDL Hotels jumped 37 per cent to $3.425 after a restructuring was announced by its Singapore-listed parent City Developments, in which CDL will sell its hotel assets and become the group's Internet vehicle. Ms Hui said investors were not so much buying CDL on the Internet story as looking to reap the $3.38 per share payout the deal would generate. In fact, Internet stocks were down yesterday as question marks hung over the future of sector role model Amazon.com by top US analysts had SAR investors dumping their Hong Kong plays. Tom.com lost 2.77 per cent to $5.25, while the technology-heavy Growth Enterprise Index fell 10 points, or 2.04 per cent, to close at 479.48. Mainland computer-maker Legend, which trades on 115 times trailing earnings, was another loser. It skidded 2.54 per cent to $7.65 in the aftermath of a rumour that some members of the management team had been subjected to an Independent Commission Against Corruption probe. Ms Hui said: 'Even though they denied it, the share price keeps going down. 'On the other hand, the PE is just too high.' New Asia Realty A shares jumped 13.19 per cent to $8.15 on reports - denied by the company - that parent Wheelock would take it private.