Category: Money tips Release Date: 2007-05-12
Source: Yangcheng Evening News Author: lonely
Moderator: reporter Yan Limei Guests: Guangdong Cod built of ancient Zen CITIC East Road, Huangpu Investment, General Manager Sales Department Xiangcai Securities analyst Cai Chunyan Wu Hongping
Yesterday, Hu Zhi 1600 points to defend the war ended in the fall, the market dropped heavy volume, Shen Chengzhi is "eight-Lian Yin." Next, adjust the goal of broad market located? When will the end of the broad market adjustment? In the broader market has been falling IPO circumstances do not change the rhythm, management intentions? At present in the medium and small individual investors how to deal with this situation?
Adjust the target Where?
Reporter: tape to continue to adjust this week, yesterday, is heavy volume down divisions lost 1,600 points, the broader market continued to fall is inevitable. Then, tape the next step will adjust the target bits fall where?
Cai Chunyan: This week has been normal adjustment of the broad market has not yet adjusted to the target bit, is now entering a new box to run, that is, 1500 points, -1750 points, are resistant down Yindie. From the disk can be seen daily, often in the morning rebound in the afternoon fell. Is estimated that this adjustment will be extended to 9,10 months the momentum. The near future, may be issued in the international aviation after the emergence of a decent rebound.
Wu Hongping: I estimate that tape will continue to drop until around 1550 points, there will be a technical rebound. After all, tape from the 1757 point down nearly 200 points so far, there are many stocks oversold; the same time, the fund is much higher than the net rate of decline in index decreased, the Fund has become a fall Awkwardness of the hardest hit, which contains stocks with larger rebound kinetic energy. In addition, the present situation, in the next week, five new shares issued no new shares issued after the news, so slow down once the new shares issued out of the information disclosed, the market will lead to a technical rebound.
Ancient Zen: I think the adjustment is mainly caused by the contradiction between supply and demand. On the one hand, from the beginning to the end of the year the rise in Quotes lasted 8 months, China's stock market history, the rise in 9 months is the longest period of record, therefore, profits go home plate had been inevitable, and is currently re-enter the market to attract funds factors have greatly reduced; the other hand, we currently only feel the pressure caused by IPO has not yet felt additional issuance of convertible bonds, G Unit, thawed listed real beginning of August from the refinancing expansion pressure. Therefore, it is difficult to see the tape when it will end adjustments. When the balance between supply and demand, when possible broader market stabilized.
What is management's intent?
Reporter: Following the previous week, after issuing five new shares next week will issue five new shares reproduce the week. In the broader market has fallen nearly 200 points, the case, how to understand the management of this accelerated expansion of the practice?
Ancient Zen: In fact, IPO's pressure every year, management had no choice, the management can only alternative is to control the pace of new share issuance. The question now is, the rhythm is no longer issuing new shares T +3, but the T +2, or even T +1, high-density issuance of new shares in the success rate of increase will inevitably lead to a slight pick-up capital in stock that is sold when the stock, play money withdrawn from circulation of new shares. I believe that the current management alternative is to control the tempo in the T +4 IPO level, so that part of the funds diverted to a market, part of the funds remain in the secondary market.
Wu Hongping: From the speed of issuing new shares to see a week 5, and large capitalization stocks that is less than one week after the adoption of Fa Shenwei distribution, go through the green channel, the impact on capital pulled out of the market significantly. However, from the management point of view, by the end of China's financial industry will be fully open, but the total market value of China's securities market is small, the market bigger, on the management of large-cap stocks to become the first to consider the issues and the inevitable choice. Therefore, even if the IPO is still suspended after 12 weeks there will be broad market listing. Once the A-share market to achieve the scale of twice the H shares in the A-share market re-pricing after the reunification, the real advent of the great bull market is possible.
Cai Chunyan: I think that this problem can be viewed from two perspectives: on the one hand, in order to prevent inflation, overheated investment in some funds need to stay in the stock market; the other hand, the state in order to launch stock index futures, also need hair tape shares, the market is not easy to be controlled.
How can individual investors do?
Reporter: At present, many small investors tend to move funds from the secondary market shares transferred out of play. However, in the broader market fell nearly 200 points, the case, there are some medium and small investors concerned about the broad market rebound that may arise. I ask, at this stage, medium and small retail investors on how to operate for?
Wu Hongping: I think the market has now clearly entered an adjustment phase of the case, retail investors should be as little as possible operation, if the issuance of new shares are still so frequently, the proposed new shares have continued to fight. Cash is king! If you want to prepare for the medium-term investment, you can choose the medium-term performance of the stock reversed from the already announced mid-year report of listed companies to see, such as agriculture, paper, packaging, machinery and electrical equipment, urban public transport and other industries listed companies.
Cai Chunyan: I think, when retail investors should first review the operation of their own in the first half results, take a look at their own earnings to keep pace with broader market, if there is a loss, it is necessary to determine if they survive this adjustment should be held period, or in the broader market in time for the next boot in order to keep pace with broader market convertible. Another conservative, they can still purchase Monetary Fund. The next stage, I am more optimistic about innovation, technology-intensive industries listed companies, such as equipment manufacturing, bio-pharmaceuticals. It is worth mentioning is that some individual investors to follow suit hype of new shares, there must pay attention to the risk of operation depends on whether they do it fast enough, stop-loss discipline and take profit only good, or else, or not to participate in the lessons of CAMC can not but draw.
Ancient Zen: Now retain more strength is a wise choice, especially individual investors, do not have any news Jiugen into one. At present, the daily news but also guard against mine. Afternoon the market to start a new one if the market, I think, could be concerned about the new capital, foreign investment the focus of attention, such as high growth, the main industry in transparency, with plenty of cash flows of listed companies; take into account the national macro-control policy, long-term, holding should pay attention to defensive, defensive, strong. Even if the broad market index fell in the second half, as usual contrarian stocks will be higher. I estimate that in October ICBC IPO before the domestic stock market is expected out of the doldrums.
