THE stock market had its lowest turnover for more than a year yesterday, with dealers predicting more of the same in the run-up to the debate on Governor Chris Patten's election proposals after the Lunar New Year.
The Hang Seng Index fell 74.59 points to 5,437.8 on turnover of $954.3 million, the lowest since December 31, 1991.
''We've done almost no business at all,'' said the sales manager at one international brokerage.
Turnover was particularly low as neither London nor New York fund managers had returned from their New Year breaks, leaving the market in the hands of small local investors.
Share prices fell a little as the artificial support known as window dressing, which had kept the Hang Seng Index above 5,500 in advance of fund managers' performance reviews at the end of the year was removed.
Merrill Lynch, in its latest investment strategy bulletin, points out that contrary to market expectations the Patten package would not be put to a vote in February, with that date merely marking the start of a committee examination of the package, with the final vote perhaps in July.