Category: Money tips Release Date: 2007-03-13
Four trading days rushed to a maximum price of 0.688 yuan from 2.088 yuan, 380 million copies of the total turnover of 41.2 million copies of it ---
25 is a listing of Baosteel Warrants after the fourth trading day, although after the first three trading days of the "violent speculation", Baosteel Warrants heat seems to be signs of decay, turnover was still as high as 20 billion, on average, each Warrant have been changing hands several times. The prices fall trend was ascribed to a maximum 2.088 yuan on the dash after the late close at 1.83 yuan.
Look at the trend of Baosteel warrants, but also "exciting" in. This week, a market, opening the seal on the limit-day gains as high as 83.58%. In the Tuesday, the maximum rose to 1.830 yuan Baosteel Warrants, the maximum or up to 44.9%, once close to daily limit, but the late 15 minutes, the price quickly dropped, closing at 1.586 yuan, up 25.57 percent compared with Monday; full turnover of 1.284 billion copies, turnover exceeded 2.1 billion, turnover is a staggering 331%. The 3.0 billion traded Wednesday warrants Baosteel, Shanghai stock market day trading volume is equivalent to 1 / 3.
As the warrants are T +0 trading, a high degree of market participation has become the most enthusiastic investors in the investment products. Rationally speaking, Baosteel Warrants have its value can not be used to measure prices. So, investors should understand how the T +0? What characteristics of their transactions? This reporter interviewed the related research activities.
Chase Securities Zhangya Liang Tan Road, Baosteel is China's securities market warrant after an absence of nine years later ushered in the first warrants product, but also indicates that China's securities market set off a new chapter in the financial derivatives market ---- the big screen has been widened, in the future SSE 50 warrants, index futures and so on will be the introduction of financial innovation will bring new opportunities. Thus for the current investors, Baosteel Warrants will undoubtedly provide them with the emergence of a preliminary examination of new financial derivatives variety chopper opportunities. We have estimated that, Baosteel Warrants simply can not revolve around the early theory of price fluctuations, China's stock market closed with the "new" habit of speculation must be relevant. As an emerging variety of financial derivatives, there is no speculation is impossible, short-term investors should be cautious wait and see, wait until after the cooling down, and then consider making the appropriate participation of short-term speculation.
Beijing Securities 9-hui Chang bluntly said: "The speculation is speculation Baosteel warrant the performance of hunger disease. Take a look at the Hong Kong market, the Bank of Communications on the launch of the first day of the Warrants 9, there are call and put, and can also be short, to the now more than 20 only. while the mainland market is very little speculative variety. "Zhang Jiu-hui further analysis, the introduction of warrants as a derivative species, is essentially a call option, warrants the theoretical value and are Unit is a positive correlation between price, but also has significant leverage. In the absence of short selling A-share market conditions, the warrant price is difficult to be consistent with the theoretical value. In terms of the Baoshan Iron and Steel, Baoshan Iron and Steel warrant a price change range is the day Baosteel several times the magnitude of the stock price change. Thus, the use of speculative funds Warrants Warrants T +0 trading system and the leverage ratio, can be spread over the day to achieve revenue warrants, the market is to Baosteel Warrants as a market value of more than 400 million of shares to speculation.
Baosteel Warrants on the trend, Zhang Jiuhui analysis, the total amount of 380 million copies of the Baoshan Iron and Steel warrants for such a large turnover of the past few days shows that speculation is very vigorous, and Monday is the limit-board, did not fully deal, and then a few days then after sufficient The change hands, full of transactions. It is T +0 leading to high turnover, investors can trade continuously and effectively control their own gains and losses, much more flexible than the buying and selling stocks. T +0 trading advantage to some extent, played a role in the protection of investors, because if wrong, that day, quickly lose out to identify opportunities. It should be said, T +0 transaction and the preference for short-term high-risk investors, after all, when speculation losses and profits and the reduction was large, is suitable for speculative variety.
ZHANG Jiu-hui to remind investors, with T +1 compared to, T +0 to avoid the emergence of other risks after the market closed, such as the Shanghai Stock Exchange earlier said that the warrants unusual transaction price volatility, it may at any time to suspend its transactions, if the next day suspension, there will be a new trend changes, not as good as the day of profit taking or stop loss. In addition, investors should avoid then the last one stick.
From this, the trend of today's Baosteel Warrants fully embodies the characteristics of T +0 transaction. When the speculation "new" craze is over, continue to introduce products, the supply of warrants should be curb excessive speculation its a good way. Industry sources confirmed, Guotai Junan Securities has submitted the Shanghai Stock Exchange issued covered warrants the application of Baosteel, Shanghai 50ETF also submitted applications for the issue of warrants, there are a number of other companies in the design of covered warrants.
