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Data:2009-12-12 2:34
Source: Zeng completed all Chinese Commercial News
Yesterday, the Shanghai and Shenzhen stock markets plunged again attacked, the Shanghai index was down 139 points to close at 4091 points, the two cities a total of 617 stocks fell more than 7%, a large number of individual stocks rebound hit the lowest level since the market an atmosphere of paranoia.
Analysts pointed out that, due to broader market close to "5.30" all-time high before the crash, coupled with news of the week, "empty" gas filled the air, frequent introduction of a variety of regulatory policies, the market worried about further out the bad news of the weekend, holding confidence in the instability, which led to the crash this week 5.
Rally over? Market still has much room for adjustment? And how should we deal with the shock of adjustment policies Quotes? To answer these questions, detailed combing the recent news, the market side is necessary.
To listen to the message
Recently, the management introduced a number of policies and regulations, be summed up in two main aspects of the measures, one transporting outflow of funds, and second, to increase the stock supply, these measures aim is to make cool the stock market to its senses状�
A number of policies to cool the market
Message 1: large-scale return of foreign aircraft carrier
A large-scale return of red chips will share market, China Mobile likely to return to A shares in July, raising the amount of approximately 800 million; China National Petroleum intends to issue 4 billion shares A shares, the fastest around September this year, return to A shares. China Shenhua and China Telecom will also issue A shares.
Comment: the return of blue chips will increase the overall quality of A-share market, but also will greatly increase the market capitalization of surface pressure.
Message 2: QDII spillway gate opening
Recently, the official China Securities Regulatory Commission issued a "qualified domestic institutional investor (QDII) overseas securities investment management pilot scheme" and related "notice" to allow securities firms, fund companies to disclose the stock market to raise funds to invest abroad.
Comments: How many brokers, the Foundation actively raise funds invested overseas, is still difficult to determine the move of capital in the short term will not affect the surface the formation of too large; but re-passed the management to cool the market a clear signal.
Message 3: Reduction of export tax rebate rate of certain commodities
Approval by the State Council, relevant departments issued the "Ministry of Finance State Administration of Taxation to reduce some of the goods on the export tax rebate rate of notice" to inform this year implemented since July 1.
Comment: This policy will certainly have some of the performance of listed companies have adverse effects, but this is after all, is not issued directly to the stock market regulatory policies, even if caused by market volatility, it will only be temporary. However, the short-term point of view, will become an excuse for many companies to adjust.
Message 4: thorough investigation of credit funds from the stock market
China Banking Regulatory Commission decided to diversion of credit funds by corporate banking arm of the eight administrative penalties.
Comments: Punishment, financial institutions, will market the funds to other irregularities serve as a deterrent.
Message 5: foreign exchange investment company will soon break the shell
Some media reports, the Ministry of Finance issued 200 billion U.S. dollars to be in special bonds. Fastest growing state foreign exchange investment company will be listed in September, the company may use the final name of "China's State Investment Company."
Comment: According to all forecasts, the Ministry of Finance will soon release the total amount of special treasury bonds may reach 200 billion U.S. dollars, converted into yuan about 1.4 trillion yuan, which is equivalent to 8 times the central bank raised the deposit reserve ratio recovered the mobility scale, the market will be excess liquidity greatly inhibited.
Depending on the market
For some time, A-share market are money-driven interpretation of market, a lot of hot money are active in the market, leading to cap, lower-Along junk stocks ascended to heaven. But "5.30" drop since the market, the emergence of new features, blue-chip become a haven for the market, the subject matter shares soared early sharp decline in speculative funds into full retreat.
Full withdrawal of speculative funds
The phenomenon of one: a continuous theme of shares slump
Phenomenon is the biggest one this week, stocks with the right twists and turns. Among them, ready to turn 10, Datang International Power Generation 10 in the first three trading days this week, rose 30%, but Thursday Friday, there was two consecutive limit-down. Similarly, a high stake in Liuzhou Iron and Steel Transmission and Distribution themes are also soaring after a row, there have been two consecutive limit-down. In addition, ST segment is plunged into a row, the number of June 5 stocks hit the lowest level since.
Comments: themes stocks plunge cooling performance of the market shows that the main money is in a planned withdrawal from the soaring varieties.
Phenomenon 2: Put Warrants crash
Yesterday, Potash put warrants in order to plunge nearly 80% of the transaction has completed the final course. Just a week, potash warrants from the highest 681 yuan, fell to a minimum of 0.10 yuan, is still able to escape the fate of the return value.
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Comments: "5.30" drop, a large number of speculative funds fought warrants, resulting in a collective surge put warrant, but the overall fall warrants over the weekend showed that speculative money is just the market warrants Martial Law will not escape "firing a and run "routine.
Phenomenon 3: Financial stocks strong
Yesterday's stock plummeted, financial stocks is unusually strong. EMC trust, Shenzhen Development Bank rose more than 3%, Shanghai Pudong Development Bank, China Merchants Bank are making up. And China's Ping An insurance, China Life also rose slightly.
Comments: blue chips, broader market once again plunged the weights in blue chips have been tested by the market. In fact, "5.30" drop among the big financial stocks did not decline, which has indicated that the mainstream funds are from the subject shares to the transfer of financial stocks.
Phenomenon 4: 300 stocks hit a new low recently
Although the number of index has already broken previous highs, but there is still more than 6 into individual stocks or lagged behind the broader market. Not only that, there are many stocks in the June 5 rally started after the broader market, continued to decline. Statistics show that since June 5, stock prices continued to fall, a record low of more than 300 stocks, down more than 20% have as many as 30.
Comments: Index rebounded, but many investors, and be seen. Because the stock can return to its previous high point of the stocks, just a few. At present, the great concern index still important? Clearly, more importantly, what is in your hands to hold the stock.
Phenomenon 5: A single-day stock accounts at record low
Yesterday, the China Depository and Clearing Corporation disclosure, June 21 A number of shares of new accounts only 16 million. Since this week, A stock's daily average of 4 consecutive days to reduce the number of accounts. And this data is also compared with June 5 there 16.2 million, less 02000.
Comments: market adjustments will inevitably reduce the investors in the stock market's earnings expectations. Everyone will feel some of the future market and concerns about the current re-entering the stock market, appropriate? More people will choose to wait rather than intervene in the market some time ago, like blind grab chips.
Securities Week Comments
June Quotes babe's face
Historically, June is a month eventful month. From the trend of the past 13 years, see, in June were mixed, the ratio of basic to 55 open, the image can be said in June is like a child's face, saying that as they please.
Although mixed, but we would also like to note at the top of the history of several well-known, are in six mid to late, such as the June 30, 1999; 2001 to 2245 is in June 14 Day; 2002's "6.24", and the platform started in June last year, finishing and so on.
Now run into this time window, before the current market and is compared to a qualitative change in which the macro-environment. This year, the management control means are manifold, and even a rare combination of punches from using the term in. From the increased stamp duty, the retrenchment policy is endless, such as a thorough investigation of illegal bank credit funds into the market, the Ministry of Finance will issue special treasury bonds 200 billion U.S. dollars, Thursday announced QDII, blue-chip return, as well as the pending rate hike, raise the deposit reserve Gold rates, abolition of interest tax and so on.
Management, regulation and control, look forward to cool the stock market's intention is obvious. However, to alter a market trend, not one or two policies will be able to do so.
The second half of 2004, a series of favorable policies bombarded the market, whether from policy or from the capital supply to foster and establish the confidence of investors, the management can be described as deliberate, but still can not change the trend of stock index continued to decline, from 2004 Nianxia six months, the stock market bottomed out, the index has fallen by 30%.
Similarly, in such a bull market, raising interest rates several times alone can not reverse the indexes continue to follow the trend of cattle, which is a quantitative change to qualitative change from the long-term process. At this stage, it is in the process of the accumulation of quantitative change. In this accumulation process, there will be greater volatility in the stock and repeated, is a very chaotic and confused stage.
However, we simply count on, in the regulation and control policy, under high pressure, even higher, but also how much space? Once the fall? The risks and benefits may have been directly proportional. Now the opportunity to manage, if not the ability, no matter whether not to grasp.
That afternoon
With yesterday's sharp dive, the market rebounded significantly from the previous period to re-enter an adjustment phase, we are most concerned about is the adjustment of this round there will be more strong.
Ping An Securities analyst Li Xianming that adjustments over the weekend, this is the so-called "weekend effect" of an expression. In the high sensitive areas, this effect will become increasingly evident. In the regulation is expected to not become a reality when the increasingly weakened investor confidence, the market adjusted market reintegration.
National security analysts believe that, from a technical point of view, there is to construct a "two-headed" and signs of volume decreases, the withdrawal of speculative funds, the market hot spot cooling, the market outlook is not optimistic. But the more obvious characteristics of structural adjustment, to insurance, banking, led by blue chips will become a haven for the market to the end of 28 the phenomenon is likely to reproduce, for investors, as soon as possible to reduce positions, or positions to adjust to the downward rigidity of the blue-chip Admiral is a wise choice.
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