Hong Kong stocks took a breather yesterday after Wednesday's rally although all eyes remained on the property sector amid hopes of an interest rate cut. The Hang Seng Index closed down 87.43 points, or 0.57 per cent, at 15,011.52. 'It performed pretty well. From a technical viewpoint, it's good to see the market can defend the 14,800 level,' Tai Fook Securities sales director Andrew To Koon-hung said. Earlier in the day, a residential property site in Kowloon was snapped up by Amoy Properties for HK$2.58 billion - roughly in between estimates. Amoy, which closed 4.6 per cent higher at $7.95, was the only bidder in a 15-minute auction that failed to set the property sector ablaze. 'It was certainly a disappointment,' e2-Capital Securities assistant vice-president of research Ryan Fong said. 'In the past five or six years, I've never seen an auction finish so quickly.' Investors should not expect too much excitement to come out of the property market in the near term, he said. 'The property market will hold firm or trade sideways - the upside will be limited. Prices will be flat,' Mr Fong said. Tanrich Asset Management director Kennis Leung said investors should become comfortable with the notion, that although Hong Kong was on the road to recovery, nothing would happen overnight. 'The worst is over but don't expect the market to go up rapidly,' she said. 'Ultimately, the recovery is still very slow.' Armed with the quick conclusion of the United States presidential election and the suggestion of a Federal Reserve shift in interest-rate policy, Ms Leung nevertheless said the market had hit bottom. She also pointed out that because the Hang Seng Index was less technology-dependent and more banking and property oriented than other regional exchanges, a global slowdown could prove a boon to Hong Kong. 'All in all, Hong Kong will benefit most from an interest rate cut. It'll be good because fund managers will reallocate resources among their funds in Hong Kong's favour,' Ms Leung said. Mr To expected the good news to sink in more quickly. 'We're all set for an end-of-year rally,' he said. 'In the second half of this month, most foreign fund managers will be on holiday, turnover will be relatively thin and it'll be a good time for institutional investors to ramp share prices up. 'Provided Wall Street stays steady for the rest of the year, then we'll see the 15,500 to 16,000-point levels.' Mr To said a possible fly in the ointment was how the market received the announcement of Republican George Bush winning the presidency of the United States. 'I'm worried that the Dow's gone up in celebration of Bush winning the presidency and if that news is confirmed, it might spark off some profit-taking,' Mr To said. There was some good Growth Enterprise Market news to end the day. Online precious metals exchange Trasy Gold, the 50th stock to list on the second board, closed 9.04 per cent higher than its offer price of 21 cents, at 22.9 cents.