CITIC Securities: The warrant market rose in an all-round way
http://www.sina.com.cn 01:16, January 26, 2007 China Securities Journal
citic securities Wang Zhuo
Driven by the rise of positive shares, the warrant market has risen comprehensively in the past five days. The total market value of warrants has increased from 31.81 billion to 33.58 billion, up 5.56%, and the daily turnover has continued to expand.
There are only three decline warrants and 23 rise warrants in the recent market. Remove falling Wuliang YGC1 In addition, the average increase of call warrants reached 10%, and the put warrants only Raw water CTP1 、 Maotai JCP1 Slightly down, down - 5.24% and - 0.32% respectively. The biggest increase in recent years is Hangang JTB1 , up 22.67%. Its shares Handan Steel The recent increase reached 21.69%, driving the sharp rise of warrants. Other top gainers Changdian CWB1 、 Guodian JTB1 , Steel Vanadium GFC1 and other warrants also rose sharply driven by positive shares. The increase in put was mainly due to the decline of positive shares on Thursday, which led the increase Baotou Steel JTP1 、 Wuliang YGP1 、 Potash fertilizer JTP1 They rose 5.66%, 4.26% and 3.79% respectively on Thursday, accounting for more than 60% of their gains in the past five days.
The stock market fell sharply on Thursday, and the activity of put warrants increased significantly. The turnover rate of three put warrants exceeded 100. However, compared with the decline of the positive stock, the put reaction is obviously insufficient. The average decline of positive shares reached 3.55%, and the decline of seven positive shares exceeded 5%, while the average increase of put warrants was only 1.9%, and only Baotou Steel JTP1 and Shanghai Market JTP1 It is obvious that the sharp decline of the positive shares has not activated the put warrants.
The weak rebound of put warrants is mainly due to two reasons: first, most of the put warrants are outside the depth price, their intrinsic value is close to 0, and they have almost completely lost the leverage of the warrants; Secondly, raw water CTP1 will fall sharply before the expiration and lead the put warrants down.
The maturity date of raw water CTP1 is February 12. According to the regulations of the Exchange, the trading of warrants will be stopped five days before the expiration. Investors should pay attention to this to avoid losses.
