1.   Brokers said investors took profits after recent gains in blue chips, and that an overnight decline on Wall Street also dragged down the Hong Kong market.

2.   Brokers said investors remained cautious ahead of the holiday and in the wake of losses on Wall Street Friday and rising local interbank rates.

3.   Brokers said investors took profits in the absence of any positive news, and that an overnight decline on Wall Street also dampened market sentiment.

4.   One broker said investors limited their dealings to certain commercial banks which posted short-term profits.

5.   Brokers said investors, fearing further US interest rate increases, went on panic selling after a sharp plunge on the Dow Jones index overnight.