⊙ Our reporter Ma Jingyu
Yesterday, the Shanghai and Shenzhen markets ushered in a "red Monday". The warrants in the two markets staged a collective carnival driven by the rise of regular shares. The rise of steel warrants was particularly strong. Three of the four steel warrants were sealed on the trading limit. The total turnover of steel warrants yesterday was 28.7 billion yuan, 101% higher than that of last Friday.
On Monday, the policy makers put forward an economic stimulus plan of about 4 trillion yuan, including accelerating transportation infrastructure construction and the construction of affordable housing projects. The market generally expects that the demand for construction steel will rise significantly, and the difficulties faced by steel enterprises are also expected to ease. Affected by this, steel stocks strengthened on the whole yesterday, with an overall increase of 7.87% Masteel 、 Wuhan Iron & Steel 、 Baosteel Nearly 90% of the shares were closed for gains.
Driven by the sharp rise of positive shares, the steel warrants in the two cities were significantly active, including Masteel CWB1, WISCO CWB1 Baosteel CWB1 When the limit was reached, the prices were 1.069 yuan, 2.453 yuan and 1.536 yuan respectively. Steel vanadium GFC1 also rose 13.54% to 3.454 yuan. Maanshan Steel CWB1 yesterday traded 9.346 billion yuan, with a daily turnover rate of 864.38%.
The sharp rise of steel warrants has also driven the enthusiasm of other warrants to go long. As of the closing of Monday, except for the decline limit of Yunhua CWB1 due to the resumption of trading after a long-term suspension, the other 19 warrants have all increased by more than 8.9%, of which 17 have daily increases of double digits.
Market analysts believe that, driven by the strong rebound of the stock index on Monday and the general rise of individual stocks in the two markets, it is not difficult to understand the performance of warrants. The performance of warrants is often in the same direction as that of regular stocks. When the market experiences a slump and the situation is still unclear, it may be safer for hot money to use warrants for T+0 transactions by rebound, and its speculation enthusiasm will be higher.
However, some analysts cautioned that for those warrants that are about to expire, their effective leverage level is high, their implied volatility is high, and their sensitivity to time value is also high, which aggravates the investment risk of warrants that are about to expire. Investors are advised to invest cautiously in warrants that are about to expire.
Among the three warrants to be delisted, Ma Steel CWB1 is the most popular target of hot money. The warrants have been listed and traded since November 29, 2006, with 1265 million outstanding shares and an initial exercise ratio of 1:1.0. The last trading day is on the 14th of this month, and the exercise is terminated on the 28th. The latest exercise price is 3.26 yuan.
In addition, Rizhao CWB1 Steel Vanadium GFC1 and Vanadium Steel GFC1 will also stop trading after November 18 and December 4, respectively. Rizhao CWB1 began to increase in volume from 8.8% at 10:10 in the morning. Due to the abnormal transaction price, the Shanghai Stock Exchange suspended the trading of the warrant for one hour from 10:16, and Rizhao subscription finally ended at 2.999 yuan, up 10.87%.
As of yesterday's closing, the premium rates of Masteel CWB1, Rizhao CWB1 and Steel Vanadium GFC1 were 13.62%, 82.54% and - 35.07% respectively.
Analysts believe that the price of Masteel CWB1 is the most unpredictable, which may lie between the exercise and non exercise of rights. Investors can pay attention to its investment value; Although Rizhao CWB1 has the guarantee of "no more than 61.6 million warrants will be purchased at a price of no more than 0.10 yuan per warrant" from the Group's Board of Directors, the trend of the warrants will not be affected greatly because there is still some time before the exercise period; At the same time, the uncertainty of Steel Vanadium GFC1 is still strong due to the overall listing of Pangang and the uncertainty of the application and exercise date of the "Pangang Series" cash option. It is suggested that investors with weak risk tolerance should avoid it.
