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Put warrant is an ice fire phenomenon

http://www.sina.com.cn 00:00, October 19, 2006 China Securities Network - Shanghai Securities News

Put

    Shenneng JTP1 ( information quotation forum ) Entering the last trading day, it fell 53.09% again yesterday

□ Our reporter Yu Xianfeng

Due to the sharp rebound of the stock market yesterday, the warrant market presented a completely different scene of ice and fire. All 10 call warrants rose, while 16 put warrants except Haier JTP1 ( information quotation forum ) Other varieties not traded due to suspension fell.

Following the general strength of the positive shares, each warrant has increased in varying degrees, ranging from 0.155% to 5.43%, which can be said to be generally small. It can be seen that the speculative nature of the current warrant market has declined significantly. In the recent stage, the steel and iron shares in the stock market have strengthened, and the steel warrants have also followed suit. Yesterday, the warrants of this plate rose relatively higher. WISCO JTB1 ( information quotation forum ) It occupied the top position of the day's gainer list, and the closing quotation was 0.408 yuan, up 5.43% Wuhan Iron & Steel ( information quotation forum ) It closed at 2.75 yuan, up 2.23%. The exercise price of Wuhan Iron and Steel JTB1 is 2.62 yuan, and the current intrinsic value is 0.13 yuan, 35 days (natural days) before the exercise period. Fang Yan, an analyst at Guotai Junan, pointed out that while the time value is gradually losing, positive shares may also rise and the internal value may increase, so the trend is not clear.

Shenneng JTP1, which will enter the final trading day today, continued to plunge sharply yesterday. After yesterday's opening, the warrant took on the decline of the previous day, and the price went down all the way. It closed at 0.038 yuan at the end of the day, down 53.09%, which was the biggest drop of the put warrants yesterday. Although the other 14 put warrants in trading also fell across the board, the maximum drop did not exceed 5%.

Deep Energy ( information quotation forum ) The Board of Directors recently announced that the duration of Shenzhen Energy JTP1 is six months. Today is the last trading day of the warrant, and the trading will be stopped and the exercise period will begin on October 20. The specific exercise period is 5 trading days from October 20 to October 26, and the exercise price after dividend distribution adjustment is 6.692 yuan. Analysts pointed out that on October 18 Shenzhen Energy A From the closing price of 7.20 yuan, the intrinsic value of Shenneng put warrants has tended to zero. For rational investors, the possibility of exercise at maturity is extremely small. As an out of price warrant, Shenneng put has become the second option of Baosteel Subscription and Vanke ( information quotation forum ) Another "immortal round" of Shanghai and Shenzhen warrant market after the put.


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