Hong Kong shares bounced 1.44 per cent yesterday as investors shrugged off planned changes to a key benchmark index to focus on the recent property-led change in fortunes. The Hang Seng Index finished 219.21 points firmer at 15,408.54 on slightly smaller turnover of HK$10.58 billion. The Hang Seng Index - which was given a shove last Tuesday by comforting words from Federal Reserve chairman Alan Greenspan - took added impetus from Friday's 5.98 per cent rise for the Nasdaq Composite Index. 'There was basically some follow-through buying on Friday's rally,' KGI Securities director Sunny Chan said. As Hong Kong markets closed for the day, United States stock futures were chomping at the bit after the latest US Supreme Court decision seemed to favour a win by poll leader George W. Bush, putting an end to the election saga. Nonetheless, analysts in Hong Kong refused to be dazzled by the light appearing at the end of the tunnel. 'It depends on how the US market reacts but I don't think the impact will be substantial because it has already gone on for a month and should be fully discounted,' Dao Heng Securities deputy head of research Eric Yuen Chi-fung said. 'The market is more sensitive to the impact of interest rates in the US than the election.' Interest rate sensitive stocks - particularly within the property sector - have consistently outperformed the market since Mr Greenspan's comments. The Hang Seng properties sub-index has increased 15.6 per cent this month, against the Hang Seng Index's 10.18 per cent gain thus far. However, Tai Fook Securities research head Marco Mak Tak-kwong said property counters might find their day in the sun could be limited. 'The market runs ahead of real action so when there is a key signal of an interest rate cut, there could be some slight correction in these stocks,' he said. China Mobile and Hutchison Whampoa were among the top movers, though these stocks are among those that stand to have their weightings reduced as Morgan Stanley Capital International switches to a free-float. Brokers said it was an example of 'buy on the rumour, sell on the news' as low free-float stocks, sold down last week before the announcement, rose yesterday. MSCI on Sunday confirmed expectations it would start weighting companies according to their free-float - or shares freely available for trade - though the migration would come gradually. Cheung Kong fell 0.25 per cent to $98.50 at the expense of Hutchison Whampoa, which was up 3.06 per cent at $101. Cheung Kong was driven up 11.58 per cent last week on speculation it would be re-admitted to the MSCI Hong Kong Index. When no announcement on Cheung Kong's fate was forthcoming from MSCI, analysts said funds were switched back into Hutchison. 'It is likely that some hedge funds were arbitraging long Hutchison and short Cheung Kong. They took advantage of the MSCI announcement,' Mr Yuen said. However, some market watchers remain fans of Cheung Kong. Mr Mak said: 'Based on the fundamentals, I think Cheung Kong is a better play than Hutchison at this price level. 'If you believe in the property story then Cheung Kong should outperform Hutchison. If Hutchison remains at this price level, then Cheung Kong's fair value should be at $120.'