China Shenhua Energy remained the focus of attention among stock market investors on its second day of trading yesterday, but it took some serious buying from one of its sponsors to push the share price back in line with the offer price. The broader market turned lower, however, amid heavy selling of some big blue chips, including Cheung Kong, Hutchison Whampoa and China Mobile, which prompted analysts to note the technical outlook for the Hang Seng Index was looking bearish. United States data out on Wednesday showed stronger than expected industrial production growth and more timid inflation but the initially upbeat response on Wall Street was capped by oil prices topping US$56 per barrel. The Hang Seng Index closed down 0.58 per cent, or 80.77 points, at 13,833.53 after bouncing off an intraday low of 13,801.42. China Mobile dropped 1.4 per cent to $28.20, Hutchison fell 1.08 per cent to $69 in the heaviest one-day trading volume since early April and Cheung Kong gave up 0.69 per cent to $72. Among other blue chips, Cosco Pacific continued its decline, losing a further 1.7 per cent to $14.45, as some investors worry that the upcoming listing of its parent company will drag down the valuation of the container terminal operator. China Shipping Development fell for the fourth day running after the company confirmed reports it is considering spinning off its dry bulk shipping operations. It finished down 0.76 per cent at $3.25. Fashion retailer Esprit rose 2.5 per cent to $51.25 after falling for four straight days amid concerns that the slumping euro will have a negative impact on its earnings. H shares bucked the negative trend with index heavyweights PetroChina and China Life Insurance leading the way. The former was underpinned by higher oil prices and rose 3.85 per cent to $5.45. CNOOC gained for the same reasons, finishing 0.59 per cent firmer at $4.275. China Life, on the other hand, was driven 4.9 per cent higher to $5.35 on a mainland news report saying that US billionaire investor Warren Buffett had bought a small stake in the insurer in the past month and recently increased it to about 10 per cent. No disclosure notices have been filed with the exchange to confirm the reports and several brokers said they doubted their veracity. Shenhua did not fall further from the first day's close. Brokers had expressed surprise that the three sponsors - Merrill Lynch, China International Capital Corp and Deutsche Bank - had not been more active on the first day, allowing the share price to slip 20 cents below the $7.50 offer price. That changed yesterday afternoon, when Merrill stepped in to buy and pushed the price 20 cents higher to a close of $7.50. Consumer electronics maker Kenford fell 7.27 per cent on debut to close at 51 cents.