Category: Money tips Release Date: 2007-04-23
From June 2002 Luoniushan first volume of transactions carried out since the Shanghai and Shenzhen A shares have a total of hundreds of pen volume of transactions, involving more than 40 listed companies. As investors, changes in the structure and the block trading system, improved in recent years, the bulk of A-share market commencement of trading often. For investors, through a block trade to see the market opportunities and risks that exist is the most important.
Normally speaking, large institutional investors trading can greatly reduce transaction costs, reduce transaction time. On the surface, large transactions that facilitate the introduction of institutional investors, active stock market, retail investors will subsequently benefit. At the same time, in accordance with generally understood, institutions Awkwardness After changing positions, the higher energy prices are likely to follow. Typically, Citroen logistics sector in October 2003 after the volume of transactions, through institutional change positions, although the price does not follow the broader market, immediately launched an independent increase in longer-term trend. But this phenomenon is too small, statistics show that the volume of transactions taking place in companies, most of the long-term trend is not very satisfactory, and many companies with short-term ascribed to the contrary after the crash. The most typical is the first unit block trading Luoniushan, to the current decline of up to 70%. Other stocks in the volume of transactions took place, to the current drop of more than 20% of the more than half, while more than 10% or less than 10, accounting for only 20%. Give us the impression that the overall volume of transactions occurred, the risk seems even greater. Volume of transactions occurring after the decline in the current up the details for the table below.
Analysis of volume of transactions behind, we can see large transactions, the buyer and the seller is a broker of the phenomenon is widespread. Hundreds of times in the Shanghai and Shenzhen A share block transactions, more than half a unit at the same institution between departments, but most is still the same one operating in the same broker within the Ministry of the Daoteng; in our survey took place the last time 44 stocks traded in bulk buyers and sellers of view, buyers and sellers are not the only one in 18, accounting for only 40%. Agencies under the same banner that continuously Daoteng, in the end the number of insider trading, ordinary investors do not know, so risk will be relatively bigger. After the transaction from the bulk up to date on the decline, or the top 10 largest stocks, 60% of the bulk transaction not in the same transactions within an organization. The statistical performance of these markets also proved that the non-block under the same banner agency transactions may have a greater chance more.
In addition, the volume of transactions carried out large-cap stocks in the blue-chip, reliability and authenticity of their transactions more credible. Statistics show that, against the big block of blue-chip blue-chip stocks after the transaction took place, often relatively stable stock prices, and steadily, such as investment real estate, Yangtze Power, Conch cement in the market a bad case of the background, block the transaction price but relatively stable, and and relatively large transaction price have some gains. This is mainly blue chips in the body to hold a higher proportion of the pricing of individual stocks are relatively stable, low-cost transactions between the different agencies in the hands of blue chip companies to conduct large transactions, reliability, thus greatly enhanced.
But too many frequent transactions, particularly in the frequent occurrence of the same volume of transactions between institutions, even blue chip companies, the subsequent movements tend to be more unsatisfactory. A typical such as China Unicom, in late 2004 and early 2005, continuous frequent large transactions, in January time, volume of transactions as high as 13 times, and the transaction to both sides in the "States Securities Co., Ltd. Beijing Fu Wai Street, the Securities Sales Department, "Apparently, the subsequent stock price, a higher level. Same as the Hill to push the shares July 20, 2004 Hai Tong Securities traded three consecutive pen volume of transactions, followed by the rapid decline in stock prices.
Generally speaking, for ordinary investors, due to the lack of transparency of information, want to block transactions to seize all investment opportunities, more difficult. Relatively speaking, the blue chips of the volume of transactions, may provide us with some opportunities. However, no matter what the individual stocks, such as the short-term sudden spate volume of transactions, especially within the same institution, we must heighten our vigilance.
