The Hang Seng Index finished marginally lower yesterday as the United States Thanksgiving holiday kept foreign funds away and left investors with no incentive to buy.
Even the expiry of the November index futures at the end of the session was unable to drum up much interest as traders were generally happy to see the index hover at the 12,000-point level.
HSBC and China Mobile, the two largest stocks in terms of market capitalisation, finished lower and contributed greatly to the decline in the index, but according to dealers, the selling was not derivatives-related.
The index ended 0.08 per cent, or 10.68 points, lower at 12,075.99 points. The November index contract settled 14 points weaker at 12,091.
The financial markets in the US were closed yesterday and will reopen today for a shortened session.
'People are hesitating to see where the index is heading from here,' said Joe Choy, a director of marketing and sales at Quam Securities. 'They aren't keen to sell but right now they aren't buying either. Many of them are waiting for the next few IPOs [initial public offerings] that can give them a big return.'