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 The picture shows Li Songci, head of securities derivatives in Asia of Goldman Sachs. (Source: China Securities Journal)
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Li Songci, Head of Securities Derivatives in Asia of Goldman Sachs
Hong Kong shares fell back after being blocked before 16000 points the previous week, and this trend was repeated last week, rising only about 0.6% for the whole week, while the trend of state-owned shares was again better than that of the Hang Seng Index. In terms of overall turnover, the average daily turnover last week was about HK $32.4 billion, up about 12.5% from the previous week. In the same period, the daily average turnover of warrants market was about HK $5.4 billion, down about 15.6% from the previous week. The ratio of warrant market turnover to the overall market turnover is only about 17%, down about 5 percentage points from the previous week.
As for the transaction distribution of warrants, last week's Hang Seng related warrants accounted for about 42% of the overall warrants on average; Next, China Life Insurance accounts for about 10%; The third is the middle shift with strong upward momentum last week Active accounting for about 7%; HSBC accounts for about 6%; CCB related warrants also account for about 6%; PetroChina accounts for about 5%. It can be seen from the figures of transaction distribution that investors continue to pay attention to those stocks that have good stock price performance, such as China Mobile Mobile and China Life, etc.
As for the market circulation, in the five trading days from March 24 to Thursday, the market circulation of the HSI overall call warrants fell by about 79 million, but the put warrants rose by about 1 billion; While moving in the middle On the dynamic side, when the stock price rose significantly, the market circulation of its call warrants fell by about 90 million, and the market circulation of put warrants was similar to that of the Hang Seng Index, rising by about 600 million, reflecting to some extent that on the one hand, investors successfully sold some of their warrants to lock in profits when the positive shares rose; At the same time, some investors have deployed put warrants for the possible adjustment of stock prices. According to the trend of the stock on last Friday, investors should have succeeded in seizing the China Mobile Based on the stock price trend of last week, I believe that there should be many warrant investors who can make profits from the relevant warrants of this stock.
In general, from the perspective of the changes in the circulation of warrant market, it is believed that there are many intermediate shifts Investors of dynamic warrants have successfully found and grasped the opportunity of arbitrage in the past two weeks. To some extent, if The trend of the moving stock price can still maintain a relatively large fluctuation range in the short term. It is believed that investors who have successfully made profits in the near future will still be interested in buying and selling their related warrants. Therefore, move in Moving related warrants may continue to be the favorite of warrant investors in the short term.
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