Hedge with HSI Index You are a Hong-Kong-based manager of an equity portfolio valued at HKD600m. The beta of the portfolio is 0.90. Today is 17 Aug 2017 , the spot price (last price) is 27488.29. You wish to hedge against a market decline over the period through to December 2017. The figure above shows the Hang Seng index on 17 Aug 2017 . The figure below shows the Dec-maturity HSI Futures. (Hint: Read the information carefully) The figure above shows the Hang Seng Index on 17 Aug 2017. The figure below shows the Dec-maturity HSI Futures. (Hint: Read the information carefully) 1. To fully hedge the portfolio, you need to (long or short) HSI future contracts. The number of contracts needed are 2. If the Hang Seng index is 27,100 in Dec 2017, calculate the followings: - The value of the share portfolio is \begin{tabular}{|l} (round to the nearest integer) \end{tabular} - The gain (loss) on futures is the nearest integer) - The net position of your portfolio after hedging is nearest integer)