SELLING in Hang Seng Index futures continued unabated in relatively heavy volume after breaking a support on Thursday at 9,200 points.
August futures plunged 100 points yesterday to break 9,000 for the first time since May 10, closing at 8,980. The contract gave a discount of 27 points to the cash index. For the week, the contract lost 400 points or 4.3 per cent.
The September contract closed down 115 points at 8,985.
Turnover overall was 19,094 contracts, with 18,917 in August and 177 in September.
More falls are expected on Monday and in the week ahead as the equity market returns to a fairer value after a period of trading at historically high levels on a lot of hope and a scarcity of fundamental support.
Selling in the past two days has been considerable as cash and futures turnover was heavy.
Jardine Fleming said in index options: 'In the front month, overseas and local traders sold 8,600 and 8,800 puts.' Bears emerged in September, buying 8,000/9,000 put spreads and selling 9,000 calls.