THE public offer by Denway Investment, the latest mainland venture to list in Hongkong, will provide interest this week for a market suffering from low turnover. Fears that the market could take another dive in the run-up to the Legco debate on Governor Chris Patten's election proposals could mean punters will prefer to take the apparently risk-free profits from a new issue. Strangely, this means that cash that may otherwise be tied up in rock-steady companies such as Hang Seng Bank gets poured into companies unknown just two weeks ago. Denway is the holding company for the Guangzhou Auto Group, which derives most of its profits from Guangzhou Peugeot. It is raising $402 million by issuing 330 million shares at $1.22 a share. Sun Hung Kai Research analyst Anna Tong put a ''stag'' notice on the stock in the company's daily bulletin last week, advising investors to buy the shares in the issue and then sell them. She expects initial investor interest to be high as the company is a real China play, but adds that it could hit trouble later because of currency issues and extra competition once China rejoins the General Agreement on Tariffs and Trade (GATT). While keen interest is expected, the large size of the issue means it will be a real feat to exceed the record 552.4 times oversubscription attained by restaurant chain Tack Hsin last week. Denway's issue closes at midday on Wednesday. Action in new listings is furious this week. Tack Hsin starts trading on Friday, as does construction firm Chun Wo Holdings. Kosonic International Holdings, a maker of consumer electronics, will announce details of its listing. And if the record of previous weeks is any indication, another company or two should announce their intention to list. The grey market price of Tack Hsin appears to have risen since the issue closed, with one broker now trading the shares around $2.90, against the $1.02 issue price. Turnover last week averaged only $1.82 billion a day, 25 per cent less than the daily trade in the four days leading up to Lunar New Year. The index was almost unchanged on the week, dropping 4.19 points. Although the index is moving only slightly, individual stocks are moving in and out of favour. Last week it was the turn of property stocks, helped by Wednesday's record land auction. Property shares in the Hang Seng Index were up an average of 1.29 per cent. The previous week it had been finance shares, buoyed by expectations of good profit figures; and the week before that, manufacturers had been boosted by hopes of a US recovery. This week seems certain to be the week for utility shares, which provide the greatest measure of protection from political risk if Beijing and London once more publicly disagree. Last week's best-performing index stock was Cheung Kong, which rose 4.1 per cent to $20.20, up 80 cents. Hongkong Land was next, gaining 3.2 per cent to $12.70, up 40 cents. Worst performer was HAECO, down 4.6 per cent to $20.60, a fall of $1.