HANG Seng Index stocks haemorrhaged throughout yesterday, with the fall in prices becoming more marked near the close. In the absence of any momentum to take the index forward, fragile sentiment turned dour as Tokyo stocks took a 372.27-point dive to 16,139.95. Selling in US dollars sent shivers down investors' spines in afternoon trading, and many decided to cut and run ahead of the weekend, and the remainder of London and New York trading later in the day. The hang Seng Index closed at 8,587.72, down 88.45 points on $3.07 billion of turnover. Activity was modest. Turnover has been dropping through the week from the high of $5.26 billion on Monday to yesterday's low. A feature of activity was the launch of the Hong Kong Futures Exchange futures contracts in HSBC and Hongkong Telecom. HSBC had the biggest turnover of stock for the day with $352.9 million. It fell 75 cents to $87.25. Hongkong Telecom fell 20 cents to $15.05 on turnover of $114 million. Jardine Fleming said: 'Unlike the Hang Seng Index futures market, the two share futures were dominated by professional investors and securities houses using small orders to test the system.' Turnover was at 16 per cent of the total share turnover for bank futures and 46 per cent of Telecom futures, the brokerage said. 'Arbitrage activity was prominent, with investors trading against the shares as well as the index futures,' Jardine Fleming said. The bank April future closed at $87.65 and May was $88, with fair value being $87.62 and $88.10 respectively. In Telecom futures, the April close was $15.10 with no mark-up in May. Fair value was $15.11 and $16.10 respectively. Volume in the bank was 326 contracts and for Telecom it was 357 contracts. At the opening of stock trading yesterday, the Hang Seng Index made ground to reach a high of 8,743.38, against the previous close of 8,676.17. But selling took hold within 10 minutes and it was downhill all the way, making 8,662.73 at the lunch-time close, down 13.44 points. The selling got more serious in afternoon trading, taking the index to the 8,587.72 close. Hang Seng sub-index selling was heaviest in utilities, down 1.36 per cent to 10,464.92. Property came off 1.2 per cent, conglomerates and industry stocks were off 0.86 per cent, and finance was down 0.68 per cent. Profit-taking struck Hutchison Whampoa, down 30 cents to $34.10 on turnover of $116 million. Over the week Hutchison was one of the best performers, rising 4.6 per cent. Cheung Kong was up 4.66 per cent to $33.70 on the same period. The best performer in the week was Johnson Electric, up 8.98 per cent to $18.20. Poor performers were Oriental Press group, down five per cent to $3.30. Television Broadcasts also dropped. It dropped 3.47 per cent to finish at $26.40. On its last day of trading on the Hong Kong exchange, Jardine companies saw buoyant trading. Hongkong Land rose 35 cents to $16.90 on turnover of $133.9 million. Dairy Farm rose 45 cents to $9.90 on $25.7 million of turnover. Mandarin Oriental rose by the same number of cents to $10.30 on $3.58 million shares.