Tuesday, November 14, 2006

沽空941累死經紀事件

近期大市連連上升,證券行豬籠入水,經紀理應賺大錢。不過,近日聽聞有一間中資大行發生證券客戶「走數」事件,最終令經紀損失不菲。

由於有客戶以為「升夠籌」,相信港股難在高位企穩,故實行看淡,甚至參與沽空活動,而所選擇的自然是重磅股,並且以藍籌巨無霸的中國移動(941)入手。

在股市順勢而去,投資得心應手之時,當然無問題,偏偏客戶「押錯注」,今次沽空中移動的後果就是被「挾死」,之後那名客戶更人間蒸發。面對交收到期日,究竟是公司還是經紀需承擔損失呢?答案當然是經紀,因為證券公司根本不認識那個客戶的來龍去脈,一般只相信證券經紀,故此當客戶失去蹤影,交收問題自然與公司無關,經紀亦只好動用自己的腰間錢平倉,相信全年的花紅、獎金等等一一泡湯。

大家心水清的話,只要稍有記憶,也知道這隻全國最大的流動電話商備受青睞,以10月16日恒指破18,000點關口時,股價才58.6元,與上周五收市價65.55元比較,足足彈升了11.8%!該股昨日更續逆市造好,收市升5仙,報65.6元,真是越升越有,沽空的投資者怎不投降。

那究竟最後這個股票經紀會如何向客戶追回這筆因941而起的欠債?禤中怡真的不得而知,反而很有興趣知道的是,證券行的取態,一般而言,當然客戶大手進行沽空,盤房(負責進行交易的部門)理應查問客戶是否有「貨」可作沽空之用,至於貨的來源不外乎實貨、向其他證券行借貨或有中央結算的證明等。萬一真的出事,經紀損失應相對有限,若果「走數」客戶的倉底還有其他「貨」,經紀也可以將其平倉套回現金,以補回損失的差價。

上述例子相信有些投資朋友也許曾親歷其境,禤中怡無意指點股市走向(亦未到此級數),只想再再提醒大家「小心行事」,所謂富貴險中求這句話語應作為警惕的座右銘,而非推動瞓身炒作的藉口。

至於對股票經紀來說,自從撤銷最低佣金制度後,經紀本來已「無乜肉食」,還要面對銀行勢兇夾狼的競爭,一時免佣任trade,一時低息孖展任借,那麼做經紀沒有甜頭給客戶,怎樣留客呢?客戶「損手」,注碼縮水減少,自然相應減少交投,經紀跟著失去「可觀」的佣金收入,試問他們怎想你輸錢呀!

有地無用
商業機構一向著重效益,因為資本有限,慾念無限,即使想做越多的生意也要量力而為。此外,若果投資未能提供增值空間,營商者也會費煞思量想出解決方法。不過,政府這頭大怪獸似乎無需考慮這些重要元素。

大家看見西九龍填海區、添馬艦等地皮,莫不叫人嗟嘆。又要填出大片土地,海洋資源便要犧牲,奈何直至目前為止只淪為少數坐擁豪宅的超級人士才可飽覽風光,不但無效益,更未能增值。

禤中怡感到最失望,甚至痛心的,卻是港島前身為北角邨的地皮,只要看一眼便叫人差點哭出來。那來這般感性?皆因這個於50年代建設的屋邨造型獨特,儘管一句城市發展,無可避免迎接新舊交替的結局,但望着鐵線網圍著的地方已鋪上厚厚的瀝青,瀝青上有幾棵像受保護的樹木豎立著,但恐怕歷盡蹂躪後,只能苟延殘喘,日後被那位發展商奪得地皮,海景與空間更會消失得無影無蹤。

誠然,這幅地皮存在使用問題尚待解決,但為何一定要變成接近光禿禿的「黑面」地皮呢?禤中怡有幸曾在英國倫敦的荷蘭公園(Holland Park)閒逛(的確,去旅行就是逛公園),只見除了大樹、草地外,其他多餘的東西欠奉,但這種簡約的設計偏讓繁忙的都市人得著一點抖氣位。坐在青草地上已是一大恩賜。

反觀北角邨這塊面向大海(可惜不幸地有一條大橋阻擋)的大地,政府從來不考慮保持或提高她的價值,其實只要投資少少,鋪上一層青草(不夠資源的話,或可向馬會求助),便可讓市民大眾在這清風送爽的日子裡享受,這就是發揮最大的價值吧。

曾特首建議政府在興建新樓時,引入綠色天台,若將這個概念擴大一小步,讓一些尚未發展的地皮(如已拆卸的牛頭角邨地皮)變成綠色天地,定必大得民心。

或許有政府官員會提出蛇蟲鼠蟻問題刁難,但以今天香港的財力和技術,要保養一塊草地可謂駕輕就熟,納稅人亦會願意多付些少幫補吧!至於地皮變草地,日後重新發展時必遭炮轟的憂慮,相信只需早作公布日後必更改用途,香港的順民定必有心理準備政府賣地搶錢的心態。

(11月14日刊於《am730》)

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