NEW issues and perhaps politics are likely to be the only matters in the stock market spotlight this week, with no Hang Seng Index company results scheduled and activity winding down because of the Easter holidays. Yesterday's trade has been lost and there will be no trade on Friday, a public holiday that starts the Easter break. Activity will be further depressed because with Governor Chris Patten in London, there is no chance of his election proposals being introduced to the Legislative Council. However, some weeks expected to be restful in the past have proved anything but. Some nervousness is expected this morning due to the sharp fall in New York on Friday night, which affected Hongkong stocks traded in London last night - although dealers have been saying for six months that investors in Hongkong are taking little interest in Wall Street. The index closed on Friday night at 6,404.44 after one of its least volatile weeks this year and with volume falling to an average of $3.2 billion a day. The trading range was just 132 points as the market was evenly poised between profit-takers and those thinking that a Sino-British breakthrough was on the way. No dynamic news came to push the market in either direction. Trading is likely to be lacklustre and directionless this week, according to Mr Richard Witts, managing director of United Mok Ying Kie. ''I think it's likely to consolidate around this kind of level,'' said Barclays de Zoete Wedd director K.S. Ng. ''Overall, sentiment is quite mixed.'' Fertiliser trader KPI and mainland power operator Wing Shan International list tomorrow. Two warrants start trading today: the New World 1996 warrants issued by the company, and the Hongkong Electric 1995 warrants issued by Robert Fleming. Peregrine Investments and Kwong Sang Hong International announce final results today. Although major stocks are going ex-dividend, the cash payments in many cases will not be sent out for some weeks, which means that the usual rise of the index due to the reinvestment of dividend income will not start yet. Dealers say property stocks are likely to remain the most volatile in the index as investors continue to switch their opinions as the saga of the mortgage rate ceiling continues. Last week property stocks underperformed the Hang Seng Index, despite a very strong performance on Tuesday. The property sub-index fell 0.6 per cent to 9,790.59 for the week, against a one per cent rise for the Hang Seng. Commercial and industrial stocks had the best week, with their sub-index rising 1.2 per cent to 4,687.79. There was strong profit-taking all week in Hongkong Aircraft Engineering Co after a strong run since its annual results, which were well above analysts' expectations. However, the stock price is still 36.9 per cent higher than it was this time last year. This 12-month performance is the second best in the index. The best is Hang Seng Bank, last week's best performer, which rose 5.5 per cent in the five days, closing at $56.70. Because it has gone ex-dividend, the price has dropped below its associate HSBC Holdings, but it remains in strong demand and has risen 37.4 per cent in the past 12 months. The bank's historic yield has been reduced to 2.4 per cent and it is now on a historic price-earnings multiple of 19. HSBC Holdings is offering a yield of 3.2 per cent and is on a PE of 9.5. The yawning gap in valuations has led some brokerages to issue reports speculating that HSBC might restructure to unlock the value of some of its operating units. HSBC closed last week at $69, up 2.2 per cent on the week. Rumours, so far unfounded, of fund-raising issues and reorganisations associated with companies in the Li Ka-shing stable are likely to continue this week. Last week, holders of the Polycourt warrants in Hutchison Whampoa were surprised to learn that because Hutchison's share register was closed for dividend calculations, their warrants would stop trading on April 23. Investors thought Mr Li would not announce any fund-raising exercise on Hutchison before the pressure exerted by the warrants on the share price was removed.