Turnover on the Hong Kong stock market yesterday hit its lowest level this year and there are few signs of a recovery in the near future.
Turnover yesterday was $2.61 billion, the lowest this year and a world away from a record high of $46.02 billion achieved on August 29 last year.
'Is there any positive news? Yes, I still have a job - that's about it,' said a trader at a leading European brokerage.
Broker Syed Bokhary said: 'This is pitiful. For a small retail broker, the impact on the bottom line is tremendous.' While several brokerages had already suffered high-profile collapses, most prudently run houses had been surviving on profits accumulated during last year's bull market, Mr Bokhary said.
'We have made good money in the past two or three years so there is no reason to cry for us just yet.' United Mok Ying Kie managing director Richard Witts said that compared with the market downturn in the early 1970s, brokers had little yet to complain about.
'We have just come out of the best year we have ever had, it's not very pleasant, but from a Hong Kong broking point of view, this is absolutely nothing,' he said.
It was more likely the big houses were suffering more than their smaller competitors, he said.
