MORE consolidation saw the May Hang Seng Index future fall 105 points to 9,135 on a turnover of 15,980 contracts. Sideways range trading continued for a second day. On Wednesday, the future traded in a 135-point range on a turnover of 18,613 contracts. The May future closed at 9,240, up 90 points on the day. Jardine Fleming (JF) described trading as a tug-of-war between overseas bears and bargain-hunters at the 9,100 level. The May close yesterday was at a 19-point premium to the cash market. June futures fell 115 points to 9,150 on 2,007 contracts. JF said: 'The index options market saw mixed trading on the near-the-money puts.' The brokerage said overseas bears bought May 9,000 puts. Local investors sold June 8,800 puts. Front-month implied volatility rose slightly to 25.75 per cent. Option volume was 1,964 lots. Open interest for Wednesday in May futures was 42,151 contracts and in June they were 1,152 contracts. In options for May, there were 8,917 calls and 7,434 puts. In June, there were 5,949 calls and 8,524 puts and in September, there were 1,721 calls and 1,823 puts. In December, there were 1,126 calls and 295 puts.