□ Our reporter Li Jianfeng
The put warrants sector, which has been strengthening continuously since last Thursday, was suddenly hit by short parties in late trading yesterday. By the end of the day, all 17 put warrants had declined by more than 11%. Analysts believe that the sharp drop of put warrants and the obvious shrinkage of turnover reflect the rapid withdrawal of some speculative funds from the increasingly speculative warrants sector.
At the opening yesterday, the trading prices of many put warrants were basically close to the closing prices of the previous trading day. In the early trading, most varieties showed a certain trend of callback, with a decline of about 6%. At about 2 p.m., the situation suddenly changed, and put warrants collectively performed a diving trend. In just a few minutes, some varieties fell by more than 10%. By the closing, Vanke ( information quotation forum ) Put ranked first in the list of decline with a decline of 22.46%, followed by Maotai put and Wanhua put with a decline of 21.02% and 19.61% respectively.
Yesterday morning, after a small adjustment, the market showed a trend of stabilization. Under this circumstance, the steel warrant plate was active in the early trading Ansteel Subscription, WISCO subscription and other varieties led the subscription plate out of the rebound market. However, in the afternoon, with the overall decline of put warrants, panic in the warrant market spread, and the warrant plate was also significantly affected, with a diving trend in the late afternoon. Throughout the day, only three warrants, namely, Ansteel Subscription, Wanhua Subscription and Wuliang Subscription, rose slightly by 1.32%, 1.10% and 0.12%.
Some analysts believe that the sudden plunge of put warrants is mainly due to the excessive increase in the previous period and the lack of fundamental support. Statistics show that in just five trading days from last Thursday to this Wednesday, the average increase of 17 put varieties reached 51.72%, including the increase of 79.03%, 76.70%, 62.07% and 61.61% for Shenneng, Airport, Haier and Shanghai respectively. At the same time, the real value of put warrants does not support the sharp rise of this sector. As of yesterday, four put warrants, including Baotou Steel, Wuhan Iron and Steel, Airport and Valin, had intrinsic value, while all other put warrants had only time value. The stability of the market yesterday undoubtedly became the incentive for the decline of this sector.
With the sharp decline of put warrants, their trading volume also shrank significantly. Yesterday, the total transaction volume of the warrant market was 15.7 billion yuan, basically the same as the previous trading days. However, in terms of sectors, the turnover of the whole day put warrants sector was only 8.5 billion yuan, which was obviously shrinking compared with the turnover of more than 10 billion yuan in the previous trading days.
"The sharp plunge in the late market of put warrants and the shrinking of trading volume indicate that many speculative funds are withdrawing from this sector at no cost when the market is stabilizing.". Haitong negotiable securities Yang Haicheng, a senior derivatives researcher, said.
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
