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SCMP Reporter

BULLISH Hong Kong investors lost out yesterday to bearish overseas punters in the futures market.

  The May contract opened at a 46-point discount to the Hang Seng Index and closed at a bigger discount.

  Opening at 9,190, the contract was marked down right after the opening.

  Retail investors sold it down further to 9,150 on thin volume, according to Jardine Fleming.

  Bullish Hong Kong investors then changed the market's direction and started to bid the May futures up through 9,200, sparking overseas interest.

   At this stage, with overseas institutions as buyers, the contract reached its intra-day high of 9,280, five points lower than the Hang Seng Index's high point.

  News of the arrest of dissident Wang Dan soured the mood and overseas institutions placed large sell orders.

   The morning session ended at 9,100, a 32-point discount to the cash market.

  Offshore sellers continued to dominate the market in the afternoon session, according to Jardine Fleming.

   The May futures had reached 9,050 when Chinese authorities released the dissident and prices bounced back to 9,175.

  The latter half of the afternoon was dominated by fears of a rise in United States interest rates and the day ended with the May futures trading at 9,020, a 24-point discount to the spot market.

  Contracts volume was 14,047, valued at $634 billion.



Overseas bears gang up on HK bulls