Slow start for stock futures

HONG KONG'S latest derivative product - stock futures - was launched yesterday to a lukewarm response.

Brokers said the latest offering from the Hong Kong Futures Exchange traded sluggishly.

The exchange said a total of 683 stock futures contracts were traded.

The underlying stocks of the futures contracts are HSBC Holdings and Hongkong Telecom.

Of the 683 contracts, 326 were of HSBC Holdings with an equivalent of 2,000 shares for each contract.

Nomura Securities executive director of equity derivatives Lobo Lee said the low volume was expected.