TRADING in Hang Seng Index futures heated up yesterday with volume topping 15,725 contracts. Traders said there were a lot of positions in the market and investors were starting to work out their strategies ahead of expiry on November 19. For the first time this month there was significant activity in December contracts, which closed 90 points down at 9,450 on 1,026 contracts traded. November contracts also closed 90 points down, finishing the day at 9,430 on a turnover of 14,694 lots. The main reason for the market falling was the weakness on Wall Street and the expectation that rates would rise again early next year. Spot November fell to 9,480 points at the opening, in line with falls in foreign markets, and kept on dropping until it closed the morning session at 9,386, a 12-point premium to the physical index. There was some easing of the selling pressure in the afternoon as overseas buyers from Britain stepped in to support the market at 9,400. A short squeeze just before the close saw the contract close at a three-point premium to the cash market. Jardine Fleming said the November/December roll-over spread was quoted in a plus 10 to 18-point range. Options trading also picked up the pace from Thursday with 2,370 contracts traded and a confirmed open interest of 37,586. Trading concentrated in the November puts.