Futures plunge 105 points

DECEMBER futures lost 100 points at the opening yesterday after weakness on London overnight.

After a recovery in the remainder of the morning session, ground was lost by the close of the day.

The December futures were down 105 points at 8,265 on a turnover of 13,938 contracts. It was at a three-point discount to the cash. January futures were down 92 points on 62 contracts.

Jardine Fleming said the options market was not bearish, despite the futures falling.

Volume was a weak 1,069 lots.

Front month implied volatility was up one percentage point to 31 per cent, the broker said.