HANG Seng Index Futures contracts remained depressed ahead of an almost certain rise in Hong Kong interest rates today. Turnover was relatively heavy with 13,953 contracts worth $6.75 billion traded. Credit Lyonnais was the single largest buyer during the day while Morgan Stanley was seen as the largest seller. Local traders were also on the sell side and there was little anyone could do to hold the market up. Spot contracts closed the day 73 points down at 9,520 while December contracts finished 70 points down at 9,540. Traders said it was still tough to make directional plays and much of the business was driven by clients rather than through propriety trading. Hedge funds remain the active players. The options market saw an extremely quiet day with just 1,430 contracts traded. Jardine Fleming said sentiment was mixed and attention was again focused on out of the money puts. Overseas bulls bought November 9,800 calls while bears sold December 10,000 calls. Confirmed open interest in the market for Wednesday was 38,552 lots. W I Carr said major trades in the market were a 100 times buying of November 9,800 calls and a 100 times selling of December 10,000 calls.