The Hong Kong stock market made a strong gain thus far this year. This prompts rising investors to gradually start to lock in profits before the end of the year. This coupled with the Christmas holidays approaching, the market seems lacking of investment direction. As such, we believe the market is likely to remain weak in the coming weeks. In particular, we expect those stocks which made a strong share price gain this year are likely to see a bigger selloff pressure. On the contrary, we believe more fund flow may tend to park in their investment to the more defensive sectors in the near term, due to the less volatility such as the utility, before the market visibility turns clearer. In light of the weakened market risk appetite, the defensive local utility stocks are the most preferred picks, in our view; and we suggest investors to accumulate on share price weakness.