INVESTORS continued to be caught between two stools as last week's trading again provided no consensus on the market's near term future. Volatility was high all week, with the reaction to the Chinese bombast over financing the new airport indicative of the raw nerves in the investment community. Analyst's reports, extolling the continued cheapness of the Hong Kong market continued to roll off the presses, but fund managers were again locking in profits after their fabulous gains in recent months. US institutions in particular have been re-weighting their portfolio's away from Hong Kong, although Ben Kwong, chief economist at G K Goh Securities reckoned Japanese and local investors would maintain their involvement in the market. The week began on a positive note with bullish local interest pushing the Hang Seng index up 140 points against resistive foreign investors who were seeking to unload their positions. But by Tuesday a bearish sentiment saw the regional trend out of Southeast Asian stocks knock the index down more than 100 points. Further losses were registered in London as news of the Chinese invective on the new airport emerged, and by Wednesday morning the market was in free fall as undecided investors found a good reason to take profits. The fickleness of the current market was illustrated by Thursday's 230-point rebound, almost completely compensating for the day before's losses, as investors re-thought the likely outcome of the airport dispute. The week closed with Hongkong and Hang Seng banks clamping down on mortgage lending for middle and top-end properties. With banking spreads wider than ever, albeit in a small portion of their overall loan book, banking stocks should be beneficiaries tomorrow. Overall, the changes would have limited impact on the index as a whole, said Clive Weedon of Asia Equity. ''There may be a one-off weakness in the developers' stocks on Monday but the property market is driven by supply and demand.' - supply is still negligible and demand is huge.''