Category: Money Tips Date: 2006-09-28
Source: Guangzhou Bandung
Abstract: This column that a higher stamp duty unlikely to lead to market depth callback mainly because the main policy on management's current intent is not to pressure the stock market. In addition, a long cattle drive main engine of development remains strong, foreign capital and domestic capital, between the game, all contribute to the depth of the market difficult for the root causes of the callback.
This column believes that raising the stamp duty unlikely to lead to market depth callback mainly because the main policy on management's current intent is not to pressure the stock market. In addition, a long cattle drive main engine of development remains strong, foreign capital and domestic capital, between the game, all contribute to the depth of the market difficult for the root causes of the callback.
1, the management goal is not to mention taxes weighed on the market
This column in yesterday's article, has stressed that the main purpose of the management to improve the stamp duty is not to suppress the market itself, but the curb excessive speculation in the market, protect the long-term bull market development. Objectively speaking, this adjustment has to a certain extent, to change investor expectations over-optimistic.
1, management's fundamental purpose is not weighed on the market
The management of this fundamental purpose of the tax hike is not weighed on the market, otherwise the SFC and the SAC will not be at the early stage high-profile support of investors enter the market apparently contradictory stance of policy will cause the market's extreme distrust of the current management most needed is the market's confidence in the policy.
From the other side, the Bank of China released on the 30th, "2006 China Financial Market Development Report" says, we should vigorously develop the capital market and expanding the scale and proportion of direct financing; accelerate the development of bond market and steadily develop the stock markets, and actively and steadily development of futures markets.
From the statement of attitude we can see that the fundamental purpose of management is not to pressure the market, it is difficult to market a major factor in the depth of the callback.
2, objectively speaking, the release of a certain market risk
Of this section, the increase will obviously increase the cost of short-term traders, the objective of excessive speculation on the behavior of a certain extent. In addition, this increase led to market adjustment of stamp duty, but also to some extent to the new investors enter the market a better risk education has changed the most investors are too optimistic expectations. Because, as this column has said, speculation is rampant catalyst for the stock market crash.
In general, the management has raised the fundamental purpose of stamp duty is not to pressure the market, but may change in the objective operation of the market situation, changing the operation of the market situation.
Second, the market difficult to tune the underlying causes of the deep
The section that drives the market is still bullish for the main engine of motivation, as well as between domestic capital and foreign capital, the game is to cause the market difficult to tune the underlying causes of the deep.
1, driving the market is still bullish for the main engine of motivation
Essentially, asset injection and industrial upgrading of these two fundamental driving force of development-driven bull market is still strong full of the mainstream market funds can obviously see that. It is precisely because the market for their intrinsic motivation has been no fundamental change, and remained strong full, the market trends will be difficult to change, and that is the market hard deep lots callback major factor.
2, foreign capital and domestic capital, Game
This column has been stressed that the foreign capital and domestic capital will also be among the game affect the market during this period the development of one of the principal contradiction. Fundamentally speaking, because the objective environmental impact, foreign investment continued to use the empty singing China's stock market means to grab cheap assets, which is obviously constitute a bargaining chip on the stock market and foreign capital, as well as the struggle between the right word.
And it is because of the existence of such a battle to decide any one market adjustment have become the agencies compete for the opportunity to chips, naturally limited to a certain extent, the market adjustment.
3, inhibit the operation of the market speculation may change the situation
This column that the stamp duty increase will not change the fundamental trend of the market direction Manniu, but it may change the operation of the current market situation. As the short-term transaction costs, will likely change to some extent the general retail trading practices, and because retail investors in the stock market is currently occupied by a larger proportion, which is clearly the operation of the market situation have an impact.
In addition, the increase of stamp duty if you can not change the situation of excessive speculation in the market, then management may be brewing a new policy measures. But, as we have said, the management will be careful control of Huohou to prevent too severe intervention will hurt the entire market investor confidence.
