IN the absence of news affecting investor sentiment, Hang Seng Index futures and cash wallowed in trading yesterday. Turnover rose to 13,179 contracts from 11,629 on Monday. November index futures rose 33 points to 9,738 and December added 35 to 9,775. The November contract is at a five-point premium to the cash index while the December contract has a 42-point lead. Trading opened into weak sentiment with the November contract falling to the low of the day at 9,690. Stockbroker Jardine Fleming said there was strong support for the contract below 9,700. From the low the contract rebounded to a high of 9,760 at about 11.30 am. The contract tested 9,700 again in the afternoon before making the close of the day. In November there were 12,698 contracts traded, while in December there were 481 dealt. In index options, Jardine Fleming said short-term bulls were active in out-of-the money calls in November. 'November 10,000 to 10,400 were well-bid,' it said. 'Bears bought December 9,200/9,400 and 8,800/9,200 put spreads.' At-the-money implied volatility in November stood at about 19 per cent, while in December it was 21 per cent and in distant March it was 22.5 per cent. There were 2,400 lots traded in the index options against 1,458 in HSBC stock options, 901 in Cheung Kong and 812 in Hongkong Telecom. According to Jardine Fleming quotes, there was some disparity in implied volatility in puts and calls on HSBC. At the $110 strike in November, the call was 16 per cent, while the put was 21 per cent. At the $120 strike, the call was 21 per cent against 25 per cent in the put. In December, implied volatility at these strikes was between 21 and 23 per cent. On Hongkong Telecom, at the $13 strike in November, the call was 24 per cent and the put 20 per cent. At $14, it was 25 per cent in the call and 21 per cent in the put. Hong Kong investor sentiment will again take its lead from North American trading overnight. Producer and consumer price index figures are due out in the next few trading days.