Assume the speculator forms a strong opinion that the share market is about to enter a bullish period; however, he holds no shares. Instead, the speculator can use stock index futures contracts to speculate. It is now 12 January, the speculator buys three March KLCI futures contract at 990 . The trader pays an initial margin of RM6,000, assuming each contract requires an initial margin of RM2,000. The following day, the price of futures moves up closing at 895 . On 14 January, the market closes at 875 . On 15 January, the futures market continues to decline, closing at 865 . The speculator still leaves the position open. On 16 January, the market declines further and the speculator decides to close out his position. He closes out his position by buying the three March KLCI futures contracts at 860 . Required: a. Determine the variation gain or loss for each of the day. b. Determine the total profit gain when the trader closes out his position. Assume the speculator forms a strong opinion that the share market is about to enter a bullish period; however, he holds no shares. Instead, the speculator can use stock index futures contracts to speculate. It is now 12 January, the speculator buys three March KLCI futures contract at 990 . The trader pays an initial margin of RM6,000, assuming each contract requires an initial margin of RM2,000. The following day, the price of futures moves up closing at 895 . On 14 January, the market closes at 875 . On 15 January, the futures market continues to decline, closing at 865 . The speculator still leaves the position open. On 16 January, the market declines further and the speculator decides to close out his position. He closes out his position by buying the three March KLCI futures contracts at 860 . Required: a. Determine the variation gain or loss for each of the day. b. Determine the total profit gain when the trader closes out his position