HANG Seng Index futures lost ground for a second day yesterday. In the absence of a lead from North America, where equity markets remained closed on Thanksgiving Day, futures slumped. The November contract opened at 9,430, saw a high of the day about lunch time at 9,462 and fell in the afternoon to end at 9,445. The low of the day was near the close at 9,415. November futures remained at a discount most of the day, of between 25 points and 50 points. The discount at the close was 43 points. On the week, the index reached a high of 9,475 at the close on Wednesday. The contract failed to make a successful breach of the 9,500 level. On the week, the November contract was up almost two per cent. Barring some really positive news, brokers expect consolidation to continue into next week as the November contract expires and rollover activity dominates. Turnover was weak. In November there were 9,577 contracts and in December there were 2,813 contracts changing hands. Activity was subdued due to the holiday in the US. Open interest for Thursday in futures for November was 24,219 contracts compared to 17,180 in December. There remained 63 contracts in March next year. In index options, in November there were 7,362 calls and 7,947 puts. In December there were 10,306 calls and 10,567 puts. In March there were 1,579 calls and 2,100 puts. In June, there were 401 calls and 237 puts. Index option trading yesterday in November was also lacklustre. In the calls the 9,400 strike was busy. The 9,600 and the 9,800 strikes were also busy. The 9,400 puts were busy also. In December, near-the-money calls and puts were busy. Those betting on a flat market to the year end sold straddles in the belief they will make money from the sales in the absence of the options being exercised. There is a fear there could be a strong undertow of sales coming by the end of December as fund managers window dress their portfolios in favour of international and especially north American equities, away from those of the Asia-Pacific and emerging markets. This could add to volatility in the final weeks of the year, brokers speculated.