In a market dominated by the merger of Pacific Century CyberWorks and Cable & Wireless HKT, the Hang Seng Index traded down 112.14 points, or 0.63 per cent, to 17,622.01 yesterday. CyberWorks was the largest downward mover in the index, but the broader losses were attributed to profit-taking. After a two-day rally which sent index up by more than 700 points, the buying spree in banking and property stocks came to an end. HSBC and Sun Hung Kai Properties (SHKP) accounted for more than half of the points drop, with HSBC slipping 0.9 per cent from Wednesday's record closing high of HK$110 to $109 and SHKP tumbling 2.72 per cent to $71.50. 'The market consolidated after the advances of the past few days. I'm not worried. If we hadn't consolidated [yesterday], we would have done [today],' said Steven So, head of institutional sales at e2-Capital. The most heavily traded stock was CyberWorks, which fell 2.84 per cent to $15.35. Its fall was attributed to concerns surrounding its merger with HKT, including the overhang of a 20 per cent stake in the merged entity by British-based Cable & Wireless. Mr So also saw evidence of rotational buying.'First it was the blue chips, then the property stocks. [Yesterday] it was the turn of the red chips,' he said. China-related stocks were helped by buoyant economic data from the mainland. The H-share index gained 1.88 per cent to 542.96 points and the red-chip index added 1.19 per cent to 1,451.42 points. Legend jumped 2.31 per cent to finish at $8.85. China Unicom rose 2.64 per cent to $19.40, following Wednesday's news that the company will be launching new data and Internet services in the mainland. 'As Unicom enters new businesses, there will be opportunities for the company to acquire assets from its parent. This is potential to spice up the company. I expect we'll be seeing a series of releases like this which will drive the share price up on expectations,' a telecommunications analyst at Bear Stearns said. Cheung Kong managed to build on its gains from Tuesday and Wednesday, finishing up 1.48 per cent at $102.50. 'Cheung Kong is riding on the coat-tails of Hutchison Whampoa,' said SG Securities analyst Robert Sassoon, adding, however, Cheung Kong had underperformed the property sub-index nearly 4 per cent for the past month. Despite the Hang Seng Index's slight fall yesterday, Mr So remains optimistic for today and next week. 'I think that the index will stay above 17,500 [points today]. That's good enough for the market now but expect it to go higher next week,' Mr So said.