Hong Kong stocks ended a miserable week down 7.01 per cent following Tuesday's attacks. 'I'm glad this week is over - it's been a long week for everyone,' said South China Securities institutional sales head Raymond Tsui Yick-ki. Yesterday the market managed to close up 0.9 per cent at 9,655.45 on light turnover of $6.37 billion. The Hang Seng Index is now 36.03 per cent down on the beginning of this year, confirming Hong Kong as Asia's worst-performing major index. Analysts said investors had been encouraged by another night of partial recovery in Europe and a rebound in Japan as the Nikkei-225 climbed back over the 10,000-point level, closing up 4.12 per cent at 10,008.89. However, in an indication of frayed investor nerves, in early European trading oil jumped 80 cents to US$29.17 (HK$227) per barrel while the US dollar fell to 2.5-month low against the yen, following reports of warnings of retaliation from Afghanistan's ruling Taleban for any revenge strike by the US. Analysts said the worst was not over for Hong Kong investors. The expected resumption of equities trading in New York on Monday is among uncertainties facing investors. Analysts said they were expecting a fall of up to 10 per cent on the Dow Jones Industrial Average - the main benchmark for US equities. 'It's quite certain the US reopening will see a crunch,' said Phillip Securities director Louis Wong Wai-kit. Speculation of an imminent interest rate cut from the US Federal Reserve and hopes for an outpouring of patriotic buying by US investors are offering slight hope. However, while Hong Kong is expected to maintain a 'wait and see' attitude on Monday, Wall Street's overnight performance will seriously impact on the market on Tuesday as analysts expect a wave of selling. But Wall Street is urging investors to remain calm. Merrill Lynch first vice-president Richard Bernstein wrote to clients that any knee-jerk reactions to price movements should be ignored. 'We advise investors to remain calm, cool and collected,' he wrote. 'No one truly knows the effects of this devastating event on the financial markets over the next three, six or 12 months.' Even before Tuesday, global markets had been suffering a prolonged deterioration as the 10-year expansion of the US economy suddenly came to an end. There had been increasing fears the American consumer - seen as the last hope for keeping the US economy out of recession - would stop spending and that this would tip the nation into recession. Even without this week's events, the prognosis was looking unhealthy as data released on Thursday showed US consumer sentiment had fallen to a near eight-year low, leading some analysts to conclude that recession was now unavoidable. 'As far as I'm concerned, this shock seals the fate of the American consumer,' Morgan Stanley chief economist Stephen Roach wrote in a note to clients on Thursday.