THE Hang Seng Index January futures contract touched a new high yesterday, ending just a hair's breadth below 11,000.
Most equity brokers expected strong resistance at 11,000 for the underlying Hang Seng Index after a phenomenal 4 per cent rise in the past two trading days.
The near-month futures contract surged by 185 points to settle at 10,975, narrowing the premium with the underlying index to only 20 points.
The January contract opened at 10,860, near the intra-day low of 10,850 before climbing to a high of 11,000.
The contract dipped in mid-afternoon to about 10,910 when one US-based house was said to be selling short.
Afternoon trade was confined to a narrower 85-point range, re-attempting the 11,000 mark a few times just prior to the close of trade on late covering of short positions.
The February contract showed a similar gain of 185 points, closing at 11,035.