Long-awaited derivative products based on the Hang Seng Properties Sub-Index (PSI) have made a lacklustre debut on the futures exchange. Only 52 PSI contracts were traded on the first day yesterday - 35 futures contracts and 17 option contracts. The PSI tracks the performance of the primary 12 property-related stocks in the Hang Seng Index. 'A lot of investors are still taking a wait-and-see approach,' said Tanrich Futures dealing director Simon Ko. 'Investors are worrying about the liquidity of the new products.' He said the lack of liquidity was due to the absence of a market-making system for PSI futures. 'It makes the spread between buy and sell [prices] too large, which discourages investors from entering into trades,' he said. However, the futures exchange remained optimistic. 'We won't get depressed so easily, after all the underlying assets have strong potential demand,' futures exchange product development department head Calvin Tai Chi-kin said. 'We believe when the market gets accustomed to this product, the volume will finally pick up.' The futures exchange would meet futures brokers and other market participants later to promote PSI futures and options, he said.