Beginning of the week, the SRR cut pushed both cash and futures market higher to 450 level. This was continued by the 500-point rise in Hang Seng Index which helped pushed both indexes to 480 level on Wednesday. However, profit taking activities took place later the week as regional sentiment still considered fragile.

On Friday, the futures opened below 470.0 level, however, turned bullish before lunch as Japanese Prime Minister proposed a tax cuts in Japan to boost Japan's economy.

July futures closed low at 474.1, a premium of 0.3 index points compared to the underlying of 473.78. Roll over activities dominated the futures market on the first two trading days of the week.

To recap,  total contracts traded for the week were 17,041 contracts, an daily average of 3,408 contracts. The 20-day volatility stayed above 40% level. Total open interest stayed above 21,000.