THE expectation of strong results from the banking sector provided market sentiment with a much-needed boost yesterday as the Hang Seng Index climbed 37.24 points to 6,903.21. Turnover was only $2.37 billion, with the blue chips attracting most of the action. As the advantages for Hutchison Whampoa of its sale of control of HutchVision to News Corp became more apparent the shares climbed a further 20 cents to $20.60. Questioning about the exact amount of funds sunk into the STAR TV venture by the group was answered as the company confirmed that less than 50 per cent of the US$300 million of launch costs originally projected had actually been spent. Hutchison will book an extraordinary gain of $1.5 billion from the sale. In sharp contrast, Television Broadcasts tumbled 70 cents to $19.40 following News Corp's surprising US$525 million acquisition of the HutchVision stake on Monday. TVB, which fell 50 cents on Tuesday, said in a statement that a plan for News Corp to buy a 22.24 per cent stake from its major shareholders, Shaw Brothers (Hongkong) and Kerry Group, had been cancelled. In a research report issued yesterday, Schroder Securities said the cancellation was negative for TVB because STAR TV was a major competitor of TVB's regional satellite broadcasting venture. The report questioned TVB's high price-earnings multiple, given the fact that its satellite operations were not expected to provide material benefits until 1995. Bank of East Asia, which will release interim results today, was up 25 cents to $35.25, HSBC Holdings climbed $1 to $73 and Wing Hang Bank rose 20 cents to $20.50. Manhattan Card, which was among the most heavily traded with volume of 21.3 million shares, rose 6.3 per cent, 17.5 cents, to $2.95. JCG Holdings, which is controlled by Malaysia's Public Bank, edged up 10 cents to $4.20 after it announced a 46.2 per cent jump in profits to $66.3 million for the year to June 30. Guoco Group climbed another 90 cents to $23 on heavy turnover of $107 million as it continued to bask in the glow of last Friday's $4.8 billion takeover of Overseas Trust Bank. The stock has risen 13.3 per cent, $2.70, since the acquisition was announced. Guoco's 1994 warrants were also popular, attracting deals worth $23 million in a climb of 90 cents, 12.2 per cent, to $8.25. MeesPierson director of institutional sales Jan Perry said Guoco's purchase of OTB would make Dao Heng Bank the third-largest in Hongkong and allow it to compare favourably with Bank of East Asia and Hang Seng Bank. Among the heavily traded stocks, Sun Hung Kai Properties was the most active with turnover of $130.8 million. The stock, which had dropped 8.2 per cent in the past three weeks, was up 25 cents to $36.50. Swire Pacific, another stock to weaken recently, also rose 25 cents to $36.50 on turnover of $95.6 million. Baring Securities director James Osborn said Swire was trading at a price-earnings multiple of only 10 based on forecast 1994 profits. ''Given the quality of the earnings and the quality of the management, it seems very cheap and you're seeing some bargain hunting,'' he said. Mr Osborn said the market's sharp drop this month had made it easier to identify stocks with value such as Swire because sentiment was now playing less of a factor. New World Development was up 10 cents to $18.80 after announcing it had won the tender for the joint redevelopment of a site on Queen Street with the Land Development Corp. Wharf (Holdings) was up 20 cents to $19.30 after Times Square Block A office space was offered for lease. Red-chip stocks enjoyed a solid day as Ong Holdings, the favourite of speculating punters, rose five per cent, 35 cents, to $7.35. Shougang International, formerly Tung Wing Steel, edged up five cents to $5.15. Techtronic Industries, a manufacturer of hand-held rechargeable power tools and health-care appliances, posted the biggest percentage increase, of 17.8 per cent, 18 cents, to $1.19. Hoi Sing rose 8.7 per cent, 10 cents, to $1.24. Luxury clothes and accessories retailer Joyce Boutique Holdings was up three cents to 75 cents after it announced on Tuesday that profits for the year to March 31 had edged up 3.8 per cent to $34 million.