Leading stocks softened yesterday after last week's rally as most investors focused on the upcoming mega-initial public offering of China Construction Bank (CCB). According to market sources, an investor presentation of CCB's offering is scheduled for tomorrow when fund managers are expecting a formal price indication. 'CCB's pricing is expected to have great impact on the local stock market. A reasonable pricing will attract international funds to flow in and boost the whole market,' said Kenny Tang Sing-hing, an associate director at Tung Tai Securities. Some investors chose to stay on the sidelines and await CCB's giant flotation, as evidenced by a fall in turnover, he said. Shares worth $17.8 billion changed hands yesterday, down from $22.4 billion last Friday. Contracting buying interest dragged the Hang Seng Index lower to finish at 15,394.39, losing 34.13 points or 0.22 per cent. China Mobile, the country's largest mobile operator, accounted for more than 60 per cent of yesterday's losses. The counter fell 0.92 per cent to $37.65 after reaching a recent high of $38.25 last Thursday. Francis Lun Sheung-nim, general manager at Fulbright Securities, said yesterday's index losses were also due to technical correction. 'Many index heavyweights surged rapidly last week. They are under correction pressure [for as long as] the index can't break through the 15,500 resistance level,' he said. The benchmark index gained 1.87 per cent last week. CNOOC was another main index loser, finishing 1.77 per cent lower at $5.55 on falling oil prices. New York crude October delivery dropped to US$65.30 a barrel at one point in electronic trading. Property stocks saw support compared with other sectors. Sino Land, yesterday's best index performer, jumped 3.17 per cent to finish at $9.75. Sino Land sold out the first batch of 150 flats of its 700-unit One SilverSea luxury residential project over the weekend and launched 50 more yesterday. The total value of the units sold was $1.9 billion at prices ranging from $7,500 to $12,800 per square foot. Dao Heng Securities in a report said that it decided to raise Sino Land's net asset value by 5 per cent from $10.60 to $11.20, as the average selling price of One SilverSea exceeded its previous forecast. Major property stocks were pushed higher by the strong response to One SilverSea. New World Development surged 1.47 per cent to $10.35, Henderson Land added 0.9 per cent to close at $39.10 and Hang Lung Properties ended the day 0.81 per cent higher at $12.45. China stocks were targeted on hopes of better than expected compensation packages for non-tradable share reform plans and Beijing's proposal to relax restrictions on mainlanders setting up and investing in offshore vehicles. The H-share index ended the day at 5,248.23 points, adding 20.95 points or 0.4 per cent yesterday. Shanghai Electric led gainers, rising 4.76 per cent to $2.75 as it continued its sharp rally. It has risen 18.2 per cent in the past week. ZTE jumped 4.55 per cent to $26.40 despite its major shareholder Alliance Capital Management cutting its holding to 12.67 per cent from 13.03 per cent last week, taking advantage of its soaring share price. The counter has jumped 12.8 per cent in the past week.