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SCMP Reporter

HANG Seng Index futures leapt into high gear yesterday as roll-over activity boosted turnover and the May contract gained 320 points.

  May futures were at a premium all day, closing at 9,360, 58 points ahead of the cash.

   June futures rose 330 points at 9,390.

  Total volume was 33,300 with 23,800 contracts in May and 9,500 contracts in June. Jardine Fleming (JF) reported strong profit-taking above 9,360 as a challenge on 9,400 was lodged.

   The May contract expires on May 30, five trading days away.

  In index options, JF said there was mixed trading near the money.

  'Bears sold 9,200 and 9,400 calls and bought 9,000 puts, while short-term bulls bought heavily 9,400 calls,' said the brokerage. June implied volatility dropped slightly to 26.5 per cent.

  Open interest for Monday saw 23,800 contracts in May and 7,962 contracts in June.

   In options in May there were 9,371 calls and 8,446 puts. In June there were 6,203 calls and 10,146 puts.

   In September there were 1,852 calls and 1,826 puts and in December there were 1,128 calls and 345 puts.

  Brokers expected further gains today barring a shock from the Federal Open Markets Committee in the United States overnight.



Futures make sharp gains