AFTER tumbling almost 1,200 points in the three previous trading sessions, the Hang Sang Index yesterday followed the lead set in London on Friday by rebounding 365.46 points to 11,366.94 in less active trading. ''It's a technical rebound from what I can see,'' said Crosby Securities dealing director Willie Chau, adding that there was quite a lot of US interest in the market. Turnover was a $10.8 billion, healthy enough but a far cry from the $14 billion to $16 million last week. With many blue chips suffering sharp declines last week, bargain-hunting was the main activity. The prime beneficiaries were Henderson Land - the best-performing Hang Seng Index constituent last year - which climbed $4 to $54.50 after losing $7.50 last week, and Bank of East Asia, which picked up $4 to $59.50. CITIC Pacific, which was hit hard last week, climbed $1.60 to $25, while Jardine Matheson rose $2 to $72, and HSBC Holdings clawed back $2 to $109 after hitting a record high of $115 last week. Many investors have jumped on the Bank of East Asia bandwagon in the anticipation that it will propose a special bonus issue of cash or shares next week when it releases its final results to mark the bank's 75th anniversary. DBS Securities dealing director Teresa Wong Shue-yung said she was looking for the index to consolidate. ''It's not healthy if the market went up fast and pulled back again,'' she said. Barclays de Zoete Wedd assistant director Nial Gooding expects the market to trade within a narrow range until investors receive a new incentive to buy. This could happen next week, he said, when the corporate earnings season kicked off. The index is now trading 6.8 per cent below its high of 12,201.09, posted last Tuesday, and some brokers are now questioning whether the much-expected Chinese New Year's rally will materialise. Jardine Fleming Unit Trusts, however, told investors over the weekend that Asian markets would recover from last week's decline. ''The pillow was punched and an impression made. But just like a pillow will return to its original form after a short period of time, so too will the market,'' the report said.