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SCMP Reporter

BULLS got beaten by the bears in Hang Seng Index futures trading yesterday.

  After the big close on Wall Street overnight - the Dow Jones industrial average ended up 32.16 points to 4,476.55 - bulls were able to open the June contract at 9,710, the high of the day.

  Then the bears got the better of trading, taking the contract to 9,600, then 9,510, in the morning session and 9,480, down 95 points on the day to 9,480 at the close. This represented a 17 point discount to cash.

  July futures closed down 83 points at 9,520.

  Overall market activity was 15,465 contracts, with 15,372 in June and 93 in July.

  In the morning, selling came from overseas. In the afternoon, the selling became local, with strong resistance below 9,600.

  In index option trading, Jardine Fleming said: 'Overseas premium sellers dominated the options markets and sold June 9,400 and 9,600 strikes.'   Bulls bought June 10,000 and 10,200 calls. Front month implied volatility stood at 26.75 per cent.

  Open interest for Monday in June futures was 45,816 contracts and in July it was 145 contracts. In index options in June, there were 10,000 calls and 13,380 puts. In July there were 79 calls and 234 puts. In September, there were 1,933 calls and 1,985 puts.



Bear day defies Dow cheer