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Hang Seng Index dips on rate rise fears

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CONCERNS over an expected increase in interest rate in the United States on Tuesday dominated the market yesterday, keeping trading down and prices lower.

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The Hang Seng Index closed at 9,367.85 points, down 22.91 points or 0.24 per cent. The index stayed within a 60-point range.

Cautious trading resulted in a meagre turnover of $2.53 billion, but up from the previous day's $1.69 billion.

'Trading continues to be quiet and volume is very low,' said Gary Wong, director of institutional sales at Yamaichi.

'The market is still very technical at the moment.' However, the trading debut of H share Shanghai Haixing Shipping added some interest to the market.

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'Everyone is busy focusing on the new issue Haixing. The Japanese are the active buyers,' Mr Wong said.

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