A stellar debut from Link Reit, which powered to a close of $11.80 and handed first-day traders a 14.56 per cent gain on their $10.30 per unit investments, failed to spark a market-wide lift-off yesterday.
The Hang Seng Index closed 2.92 points, or 0.02 per cent, lighter at 15,081.47, although gains earlier in the week ensured it ended 1.33 per cent up on last Friday's close.
But Link Reit, the $19.8 billion property trust with a portfolio of former Housing Authority shopping centres and car parks, gave investors something to cheer about on an otherwise dull day, rising from its $10.30 offer price to an intraday high of $11.90 on strong institutional demand before settling back to a close of $11.80.
'I think the Link generally did better than people had expected,' said Andrew Clarke, a sales trader at SG Securities.
Analysts noted that turnover was high, especially given that the United States Thanksgiving holiday kept some foreign investors away. Turnover at $23.12 billion was the highest in 2? weeks, with the Link Reit accounting for almost one-third of the total at $7.74 billion.
'The Hang Seng showed some consolidation and we can expect more as hot money moves from blue chips into the Link,' Capital Securities research director Philip Chan said.
HSBC was the second most active stock by value, ending down 0.32 per cent at $125.30. Hang Lung Properties led the losers, down 1.28 per cent at $11.60.