bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

SCMP Reporter

TRADING remained dull in the market yesterday as investors waited for news of an expected rise in interest rates in the United States.

  Amid the cautious sentiment, the Hang Seng Index dropped slightly to 9,416.09 points, down 18.22 points, or 0.19 per cent. The index stayed in a 47-point range all day.

  Turnover was thin at $1.8 billion, against $2.24 billion on Monday.

  Blue chips still held most interest, accounting for 54.54 per cent of trading volume.

  However, investors started to switch their interests to second line stocks, which represented 41.71 per cent of trading volume.

  'The overall market is quiet this week as investors are cautious about the interest rate rise in the US,' said Louis Tse, research director at Standard Capital.

  The US Federal Open Market Committee will decide on interest rates next Tuesday.

  'Trading is dull with a tight trading range and a meagre turnover, indicating investors are adopting a wait-and-see attitude,' Mr Tse said.

  He said if interest rates did increase by 0.75 percentage point next week, there would be less likelihood of another rise by the end of the year.

  Uncertainty over interest rates sidelined fund managers, said a dealer at a Japanese brokerage firm.

  The market is expected to shed a further 30 to 50 points this week.

    Mr Tse said if there was positive news from the China visit of Sir Leon Brittan, the European Union's external trade commissioner, to negotiate China's re-entry to the General Agreement on Tariffs and Trade, it would help to stabilise the market at 9,400 points.

  Dominated by local players, trading in blue chips was quiet compared with the previous days.

  Overseas investors were switching from property counters to conglomerates such as Wharf.

   In the past two months, satisfactory sales of flats had boosted property stocks.

  But investors were now more interested in banking and conglomerates, Mr Tse said.

  Among the blue chips, 17 were lower, 10 were higher and six finished unchanged.

  Henderson Land was the heaviest traded with a turnover of $106.52 million. The counter edged up 1.47 per cent to close 75 cents higher at $51.50.

  Brokers said investors bought the stock because it went ex-dividend yesterday.

  Speculative buying also pushed the price of Hongkong Land up 0.76 per cent to finish 15 cents higher at $19.70. It had a turnover of $89.91 million, the second heaviest.

  Market speculation was rife that Hongkong Land was to sell Edinburgh Tower, one of its major office buildings in Central.

  By sector, the commerce and industry sub-index was the worst performer, losing 0.74 per cent to close 53.2 points lower at 7,155.58 points.

   The Hang Seng China Enterprises Index fell 13.24 points or 0.99 per cent to close at 1,330.11.

  Mr Tse said most of the H shares closed lower despite a stronger market in Shanghai.

  Yizheng Chemical fell 7.5 cents or 2.5 per cent to $2.925 with 8.25 million shares traded while Maanshan Iron and Steel finished the day flat at $2.325 with 6.09 million shares changing hands.



Hong Kong stocks advance as investors await details from China economic meeting

Hong Kong stocks slide as China begins tone-setting economic conference

China stocks back on the menu as Xi Jinping signals major stimulus in Politburo meeting

Hong Kong stocks stumble as investors await concrete support measures from Beijing

Hang Seng Index

Index edges down on thin trade