TUMBLING values on Wall Street drove down share prices in Hong Kong in a week which saw the market with no clear direction. Monday witnessed the resurgence of the Jardine stock, putting on $6 to $53.50, after investors decided the image-tarnished hong was over-sold. But the Jardine comeback was not enough to prevent a 37-point fall in the Hang Seng Index as Japanese investors dumped shares in traditional fashion prior to the end of the Japanese financial year. Nomura was said to have been a prominent seller and bargain hunters were thin on the ground as investors worried about darkening clouds over world equity markets. Wall Street witnessed five straight days of falls as talk turned to bear markets and major firms advised clients to reduce their weighting in the market. Despite this, Tuesday saw a strong rebound in local stocks as the market was cheered by Governor Chris Patten's comments on limiting property speculation. The 283.8-point rise was the first increase since the Wednesday before and was spread across all market sectors. HSBC drove the upturn, accounting for 57 points of the index's rise, although other blue chips such as Sung Hung Kai Properties, Hongkong Land, and China Light and Power were beneficiaries of investors, impressed by recent corporate results. Rising sentiment was in evidence in the futures market with strong buying leaving the March contract at a 35-point premium to the cash index, which rose from a discount of 360 points. Unfortunately for bullish futures investors, the party did not last and the upturn was short-lived. Wednesday saw the Hang Seng Index take a 247-point knock as rising bond yields in the United States hit Wall Street equity prices, quickly feeding throughto sentiment in Hong Kong. The immediate reason for the US plunge was a movement in the 30-year Treasury bond yield to 7.05 per cent, which continued the trend of shrinking the gap between equity and bond yields. The Hang Seng plunged 248 points on Thursday as fears over the Government's plan to curb property prices worried investors. Property counters took the brunt of the fall, slipping 500 points on the sub-index. Hongkong Land lost 1.3 per cent despite persistent rumours of asset disposals. Friday witnessed no let-up in the selling as the index lost another 202 points. Wall Street worries persisted and the less-than-spectacular prices achieved at the government land auction did little to rally sentiment. Good news seemed hard to find by Thursday's close and it was a sheepish group of brokers who filed off for the Easter break.