Category: Money tips Release Date: 2005-12-29
As the SSE implementation of the IPO index, the provisions included in the first day of the week sharply Tiaokonggaokai three indices, but investors in the hands of stock market value has not increased simultaneously. And the Bank are listed, the index distortion is more obvious: If the Bank of China up, even if there are more shares will not lead to a drop in index; However, if the Bank of China fell, even though many stocks rose, nor prevent the index down the pace of . Investors in order to avoid the deviation index analysis, we introduce several deal with distortion index method:
Index for secondary analysis by other means. To reflect the broad market index there are many, investors can be other broad market index as an analysis tool for analyzing trends. Such as the Shanghai and Shenzhen 300 Index, Shenzhengchengzhi, Xinhua Index, the Dow Jones China Index and so on.
Although the Shanghai Composite Index used for many years, but after all, only reflect the Shanghai market, Shanghai and Shenzhen 300 index reflects the overall trend of the two markets in Shanghai and Shenzhen a "barometer", and the index of the sample selected from the two stock markets in Shanghai and Shenzhen, covering most of the flow of market value, to reflect the mainstream of investment earnings, and therefore more valuable. Shenzhengchengzhi because they do not include the stock of Bank of China, but also has a certain reference value.
Self-compiled index. Distortion index of long-standing existence of index constituent stocks because of the replacement of the sample unit, which will affect the index of comparability issues. Self-compiled index is an investment analysis methods to the existing stock analysis software design capabilities, so that this step is not difficult. Only the preparation of indices should pay attention to the choice of the sample stocks, investors can choose their shares and are concerned about the variety set custom index can also be an active degree of the stock options set Huoyue Gu index can also choose to have a leading role in the market samples of the leading shares of stock to do so, the purpose is: do not pretend to be exhaustive, but representative.
Instead of using the average stock price index analysis. This is to eliminate distortion of the Shanghai Composite Index is a simple and effective method. Calculation method is also very simple to Shanghai stock market, for example, a specific formula is: Shanghai-Shanghai-day average closing stock price = รท total flow of the market value of Shanghai stock market closing day of the total flow of capital. The role of the average stock price more effective in the short term, but if the historical trend and long-term comparison, the effect is not ideal, because the historical trend from the point of view, the market average share price is a downward trend. This is mainly for three reasons: First, the stock market a few years ago to run in a bear market cycle, many individual stocks a large drop in share price, and even a "penny stocks", resulting in an average stock price decline; second is the allocation of individual stocks will carry out ex post processing, share price will naturally be low; three new shares issued in recent years, there are many cheap stocks to save, but these low-priced shares of equity are often greater, and thus bring down the overall average share price in the market. But comparatively speaking, on the average stock price index analysis can effectively eliminate distortion effects.
Applications judged large city-specific indicators. Investors judged that when the big city can not use ordinary common targets, but to focus on broad market analysis, refer to specific indicators, which include exponential smoothing Hirokazu indicators STIX, overbought oversold OBOS, Change ratio of ADR, Teng-off index of ADL, etc. indicators. These types of indicators of the biggest feature is its target value is not based on index of settlement, but according to Change Number of calculations for analyzing trends in the broader market: Teng off the popular stock market index of ADL can understand the situation, detecting large capital city in the kinetic energy is strong or weak, which judged the future direction of the stock market; Change rate of ADR's theory is based on "pendulum principle"; exponential smoothing Hirokazu target STIX is the ADR index smoothing the way through the index of the average calculated; overbought oversold line OBOS Main use in measuring the momentum of big city of Change to understand the momentum of the strength of the sale of the entire market, as well as the big city of the future direction. These types of indicators can be correctly judged that broader market trends, and the effective elimination of the index distortion. (Wang Yi-Wen)
