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Hang Seng September Futures Open Higher but at a 56-Point Discount to Spot Index
Hang Seng Index (HSI) night futures for the September contract started the after-hours session with a slight gain on Thursday but traded at a significant discount to the cash market's closing level.
Session Snapshot
According to data from Zhitong Finance App, September HSI futures were trading at 24,705 as of 5:02 PM Beijing time. This marked a modest increase of 14 points, or 0.057%, from the session's opening price of 24,688.
Despite the gain, the futures contract was priced at a 56-point discount to the Hang Seng Index's cash close of 24,761.13. This condition, often referred to as backwardation, can suggest that futures traders anticipate a potential near-term decline or are less bullish than the spot market.
Trading Volume and Open Interest
AdTrading activity was light at the start of the evening session. Key figures reported include:
- Trading Volume: 92 contracts
- Total Open Interest: 140,731 contracts
- Net Open Interest: 41,210 contracts
The low initial volume is typical for the beginning of the T+1 session, while the open interest figure reflects the total number of outstanding futures contracts that have not been settled.
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