Old economy stocks provided comfort to investors yesterday as the rally in technology and telecommunications stocks ran out of steam. The Hang Seng Index closed 57.83 points, or 0.38 per cent, firmer at 15,102.36 on a paltry turnover of HK$6.73 billion. '[Yesterday] was more of a consolidation day after the good rebound on Friday,' Dao Heng Securities institutional sales head Raymond Tsui said. Core Pacific-Yamaichi research head Alex Tang Yee-yuk said turnover was low because foreign investors on Wall Street had not yet sated their appetites. 'Foreign investors are busy working on the Nasdaq [Composite Index] and the Dow [Jones Industrial Average],' he said. 'They can make a lot of money there but if the US market goes higher, we could see money moving to other markets including Hong Kong.' Support yesterday was provided by the banking and properties sectors, with HSBC and Hang Seng Bank accounting for 129.7 points of the market's gains. HSBC rose 2.79 per cent to $110.50, while Hang Seng Bank gained 1.98 per cent to $90. Analysts said despite Friday's rally, technology and telecommunications shares would still need to adjust and find their feet after weeks of volatility. 'I'm not surprised that HSBC or Hang Seng rallied. I believe that in the near term the properties and banking sectors should support the market instead of the [technology and telecommunications sectors],' KGI Asia research vice-president Sunny Chan said. Nonetheless, there were selective gains in some telecommunications and technology shares. Hutchison climbed 0.51 per cent to $96.75, while mainland personal computer manufacturer Legend leapt 3.2 per cent to $6.45. SmarTone gained 1.8 per cent to $11.25. The stock seemed unfazed by reports that British Telecommunications is planning to sell its 20 per cent stake in the mobile telephone operator. 'I wouldn't have thought that BT would sell given that they bought it for around $25. If they sell the 20 per cent, it's just going to go to another strategic investor which isn't a bad thing,' Mr Tsui said. China Mobile fell 2.79 per cent to $52.25 and dragged the market down 85.4 points as investors waited on a share placement. 'We need to know the market response to China Mobile's placement. This will be the determining factor in the coming weeks. If it's good, then the market is definitely on its way to the 16,000 level,' Mr Tang said. With renewed violence in the Middle East playing havoc with players' nerves, mainland oil giant PetroChina closed 5.12 per cent stronger at $1.64 while newly listed Sinopec declined 1.87 per cent to $1.57. Some analysts said the performance of Sinopec and PetroChina was determined by investors flitting between the two counters. 'I think there is some selling of Sinopec to buy PetroChina. It's more or less hedging between the two. It's the same amount of money chasing two different companies,' Mr Chan said.