WEAK sentiment because of the global slump in markets and worries over the decline in the United States dollar pushed the April Hang Seng Index futures down 167 points to 8,388.
After being marked down by 110 points to open at 8,455 on the back of weaker US sentiment, April futures drifted lower until local buyers provided short-term support at the 8,400 mark, said Jardine Fleming.
'Selling intensified and stop orders flooded in to send the futures down to the previous resistance level of 8,360, where strong local buying appeared again to end the morning at 8,410, an 18 points premium.' In the afternoon, the April futures traded within 40 points between 8,385 and 8,425 and finished the day at 8,388, at a discount of 12 points to the cash market.
Futures volume was 14,355 contracts worth $6.02 billion, with 14,341 in April. Open interest in April futures was 34,284 contracts. In May it was six.
Trading in stock futures was relatively quiet.
However, speculators were still active in the market, which provided a certain degree of liquidity, Jardine Fleming said.
