Category: Money Tips Date: 2007-01-24
Source: Gui Haoming Strait Metropolis Daily
In May of this year, there is no doubt that the stock market's eventful month. First, the SFC issued a circular on strengthening the education of investors, to prevent market risk notification; further policy of the central bank introduced a sudden increase in the "three rate"; and later by the Ministry of Finance increased the stamp duty on stock transactions ... ... These policies, while not entirely a for the stock market, but objectively speaking, the stock market or whether it has a significant impact. In particular, near the end of the sudden increase in stamp duty, but also shake the prevailing market situation. Clearly, in June after the stock market will continue to be subject to the operation of these things, and in three areas will gradually form a relatively large change.
Increase in the slope of change
Will first change is the increase in the slope of the stock market. This year, the Shanghai and Shenzhen stock market movements, basically along the 45 ° line up, and almost all the way Do not look back, and constantly refresh the index rose a continuous time record. Quotes for the desire of this bull market investors, of course, very happy to see. However, for rational investors, I am afraid that is both felt happy and felt very disturbed. After all, the world does not only rise and not fall in the stock market.
In May, with the relevant departments of the introduction of a number of related policy measures, the market turbulence appeared. Increase in the slope of the original can no longer maintain the broader market is likely to be present after the first shock stabilized pattern of small fluctuations. Shanghai stock market weekly line 10 at the end of the week after the company-yang, in normal circumstances, Lian-yang on line 10 may also be suspended in June.
Promote the motivation to change
This year, an obvious fact is that, due to a large number of individual investors involved, from the financial point of power take the initiative. Statistics show that institutional investors in the past few months, and no significant lighten up the situation, the flow of the market value of its holdings proportion was declining. This shows that the broad market higher at this stage relies mainly on individual investors, the situation in recent years there have been no to.
Of course, the behavior can not say that individual investors will certainly not be able to push goes up, but the problem is, if only there is only the power of individual investors, which have a problem. After all, individual investors, the funds are dispersed, and relatively short-term focus is usually easier to chase the subject shares. All these are very difficult to market stability have a positive effect. In particular, the current market value of the stock market is already quite big, but also quite a number of large blue-chip market, such a market structure is not suitable for individual investors to participate as the main target, let alone drive the market are individual investors, as the rising the main driving force. If it is said in May, due to soaring theme stocks, coupled with individual investors hold shares change hands frequently, making the market's upward momentum is indeed rarely objectively the contribution of institutional investors, then in June this situation apparently will be changed, one of the most fundamental reason is that this situation is no longer extended.
It was noted that by the end of May after the start of sharp correction in the stock market, institutional Awkwardness of the performance of relative strength, but also in the disk also shows a certain "28 phenomenon" feature. In May of the last trading day, the two cities have the stock rise, one of the main driving force comes from institutional investors. This should be said to be a positive change, and in June will be the continuation of this change. Interestingly, in the stock market fell after the funds have a certain amount of Jing Shengou, indicating that part of the personal funds interested in investing through the commission, which will obviously increase the agency's right to speak in the market and lead to the agency's return to power Quotes , also makes the stock market should return to normal running into.
Changes in the structure Niugu
Now, for the stock market there is a more consistent point of view: the existence of a structural foam. The so-called structural foam, simply refers to some of the stock price is too high, detached from the fundamentals, while others appear relatively low price, valuation is reasonable and in the lower range. Obviously, such a pricing structure is unreasonable, especially if such structures continue to be strengthened, that is, the high price of those shares continued to rise, while those on the low side while still stagflation, then naturally led to further structural foam flooding, and will affect the smooth functioning of the market. In this case, people need to do is, through an active market operations to promote the market, structural adjustment, change the structure of the stock rise. In other words, which in fact is the completion of the hot market to switch.
The stock market is really point and not low, but indeed there is a group price is undervalued species, but many of them, or blue chips. According to the operational features of the market in recent days, it seems that indeed there is a structural change up to the mark. In general, the situation in June will continue to happen. From another point of view, this is in June that people in the stock market operations a priority.
Should be said that the Chinese stock market are now facing a long-term increase after the adjustment. If we can be more homeopathic changes in these three areas, then the adjustment will be carried out relatively smoothly, the market outlook remains optimistic. In June, it should be three changes in the market in this crucial period, for living well this step, the outlook remains bright.
