Hong Kong blue chips rose 0.35 per cent yesterday as some traders made last-minute bets that the United States Federal Reserve will leave interest rates unchanged after its policy meeting today. The Hang Seng Index gained a modest 61.48 points to 17,501.48. Turnover was on the low side, at HK$9.14 billion. As traders held their breath before the meeting of the Federal Open Market Committee, banking and property stocks again led the climbers. New World Development rose 3.16 per cent to $13.05 while Sino Land jumped 3.94 per cent to $3.95. HSBC was the biggest upward driver, adding 57.4 points to the index as it gained 1.38 per cent to $110. There is resurgent interest in so-called old economy stocks but one head of sales trading linked HSBC's performance to the grim European, and particularly British, banking sector. 'European money is being switched out of other European banks into banks with the least exposure [to those markets],' the sales head said. China Mobile fell 0.78 per cent to $63.25 on the back of a report that the firm would issue shares and bonds to raise up to US$9.3 billion to finance the purchase of seven mainland networks. Some analysts felt China Mobile's performance had been hit by international telecommunications stocks, which have taken a knock over prices fetched at European third-generation licence auctions. Hutchison lost 3.81 per cent on Friday after the company announced it was pulling out of a consortium which had successfully bid for a licence in Germany. Despite a morning rally, Hutchison yesterday ended down 0.44 per cent at $113. Technology stocks continued their bounce despite a slight dip in the Nasdaq Composite Index last Friday. Computer and Technologies, which climbed 23.8 per cent last week, closed 4.61 per cent higher at $6.80. QPL also continued its rise to end 5.06 per cent stronger at $8.30. Asat Holdings, a Nasdaq-listed semiconductor firm of which QPL owns 50 per cent, releases its earnings results today. Tanrich Securities analyst Ross Cheung said the bounce in technology stocks reflected resurgent interest in the manufacturing technology plays rather than concept stocks. However, Dao Heng Securities research head Raymond Chong was less optimistic. 'This is more of a technical rebound,' Mr Chong said. 'Many of these [technology companies] are down 30 to 40 per cent from their highs. I don't see this as a sustainable rebound.' The Growth Enterprise Index ended 0.59 per cent lower at 462.84 points. Despite the slight drop, Greencool Technology soared 21.72 per cent to $2.325. South China Securities director Alan Pau said: 'It's fundamentally a good company. Our medium and long-term outlook is good. Investors [in GEM-listed companies] are looking for individual stocks with good earnings forecasts and potential.'