The benchmark Hang Seng Index fell 32.53 points, or 0.13 percent, to 24,249.51 after trading between 24,338.68 and 24,178. 71 during the session.
Turnover rose to 60.21 billion HK dollars (7.73 billion U.S. dollars) from Tuesday's 54.49 billion HK dollars (6.99 billion U.S. dollars
Analysts said they expect the benchmark index to trade around its current level in the near term, finding support at 24,000.
Heavyweight China Mobile continued to weigh on the overall market. The world's largest mobile operator by subscribers slid 1.6 percent to 112.90 HK dollars, taking its decline since news of China's telecom sector restructuring came out to 13 percent.
Investors are concerned the firm will face greater domestic competition as China plans to meld its six state-owned telecom companies into three carriers offering both fixed-line and wireless services.
Offshore oil and gas producer CNOOC slumped 5.1 percent to 14.20 HK dollars on lower oil prices, after it rose 3.7 percent Tuesday.
Crude at the New York Mercantile Exchange fell 3.34 U.S. dollars to 128.85 U.S. dollars a barrel Tuesday, an eight-day low, as a lack of significant new supply threats made it difficult for traders to maintain near-record high prices.
Oil refiner Sinopec advanced 0.7 percent to 7.15 HK dollars. PetroChina, which also operates an oil refining business, rose 0.2 percent to 10.66 HK dollars.
Also bucking the market trend was GOME Electrical Appliances. It jumped 5.1 percent to 4.50 HK dollars.
