Hong Kong stocks cut its early gains and edged up only 14.81 points, or 0.05 percent, to close at the day's lowest 28,658.42 Monday as market sentiment remained quiet and cautious.

The blue-chip Hang Seng Index rose 181.42 points, or 0.63 percent, to open at 28,825.03 and at one point extended its gains by 476.12 points, or 1.66 percent, to day's highest 29,119.73.

Profit-taking orders mushroomed in the afternoon, dampening the indicator during the last half an hour before closing at the day's lowest 28,658.42.

Turnover dwindled to 110.8 billion HK dollars (14.21 billion U. S. dollars on investors' caution from Friday's 116.49 billion HK dollars (14.97 billion U.S. dollars).

China Mobile, the country's largest mobile phone operator and the market's largest stock measured by capitalization, edged up 0.21 percent to 140.7 HK dollars.

HSBC, another market heavyweight and the city's largest bank, remained unchanged at 132.1 HK dollars.

Hong Kong's property companies were mostly higher on expectation of further interest cuts by the Federal Reserve to lessen the impact of credit crisis in the United States.

Cheung Kong leaped 2.6 percent to 150.1 HK dollars. Henderson Land gained 3.71 percent to 71.2 HK dollars. Hutchison moved up 0.49 percent to 92.65 HK dollars. SHK Properties added 0.62 percent to 162.2 HK dollars. Sino Land gained 0.91 percent to 27.7 HK dollars.

Hang Lung and New World Development were both property companies that underperformed the index, down 0.14 percent and 1.69 percent respectively to 35.25 HK dollars and 29.15 HK dollars.

Hong Kong Exchange and Clearing Limited, the market's sole operator, inched up 0.51 percent 237.6 HK dollars.

The H-shares index, which was composed of 43 companies registered on the Chinese mainland, fell 18.09 points, or 0.11 percent, to close at 17,160.49 over fears of possible cooling measures by the Chinese mainland.

Oil sectors were weaker as oil prices stay below 90 U.S. dollars a barrel. PetroChina, the largest oil producer in China, dipped 0.27 percent to 14.98 HK dollars. Sinopec, the largest oil refiner in Asia, lost 0.68 percent to 11.64 HK dollars. CNOOC, China's largest offshore oil producer, dropped 2.23 percent to 14.04 HK dollars.

China's banking and financials were mixed. ICBC, China's largest lender, fell 0.81 percent to 6.11 HK dollars. CCB, the second largest bank in China, slid 0.13 percent to 7.47 HK dollars. Bank of Communications lost 1.14 percent to 12.2 HK dollars.

Bank of China stood unchanged at 4.05 HK dollars. China Merchants Bank added 0.14 percent to 36.05 HK dollars. China Life, the largest life insurer in China, rose 1.06 percent to 42.85 HK dollars. Ping An advanced 1.28 percent to 87.05 HK dollars.

(Xinhua News Agency December 4, 2007)