Tuesday, August 21, 2007

中央放水電盈無份

港股升到曉飛,投資者經歷上天落地,場面經典,差點精神分裂。美國聯儲局減貼現率,可見保股市的決心十分明顯,但這招真的能抵禦次按危機陸續爆破嗎?還是另有新招未出,如市場所願,減息救市?


幸好,中央先出招救股市,放水讓內地居民率先投資港股這個「海外」市場,大市立即有反應,配合得天衣無縫,因為今次再非用投資產品間接投資港股,而是散戶湧來直接買貨,單是那些尚未走入內地發行A股的國企股,與及那些極待回歸A股的紅籌股,就肯定成為他們心目中的理想投資對象,畢竟內地投資者對自己生活有關的行業較熟悉。面對如此開水喉場面,相信那些建設甚麼AH股套戥機制等建議已不用擔心,因為內地資金必搶那些與A股折讓大的H股,而中國移動(941)亦可能獲內地股民支持。


藍籌、紅籌和國企成分股當然全線向上,不怕恒指早段已升700多點的投資者,追入獲利的話,相信收穫甚豐。不過,並非隻隻獲垂青,像電訊盈科(008)本應有內地因素,主要股東之一就是中國網通(906)母公司,但昨日股價僅升0.03元至4.63元,升幅只不過是0.65%,比兩隻公用股港燈(006)和煤氣(003)表現略佳,對電盈股東來說,升市對他們確實完全無影響。


再談兩隻炙手可熱的股份非中國銀行(3988)及中銀香港(2388),前者一日升近11%,後者亦漲9.8%。禤中怡一向對內地政策的執行摸不著頭腦,為何一個如此重要的政策,會先由一間商業性兼已上市的銀行負責,究竟是特權,還是嫌中國銀行股價落後,幫手推一把?


孖展炒股廣告
正當大市回升,禤中怡見到結好控股(064)大賣廣告,話「孖展客有難,結好幫到您」,一副救市造型,聲稱用低息搶客,有幾低相信問過至知。孖展(Margin)這種投資方式,具備以小控大的特點,假設投資者用50元可買100元的股票,即另外的50元其實是由證券行借出的。借錢炒賣,當然要支付利息,兼且有何風吹草動,如買入的股票價格顯著下跌,證券行也會追收孖展,即補倉也,如果無錢補倉,證券行就會毫不留情地替你斬倉,沽貨套現,計數後如未能填補差價,孖展客須補回差價,你估同你有親?這種投資方式不存在對與錯的問題,本意為係為你節省投入資金,投資者要量力而為,不宜投入全部可用資金兼且要注意市況,像現時大市上落幅度如此巨大,無疑提供一個投機空間,但市場逆轉亦頗急,如無補充資金,分分鐘未見股價回升,孖展盤已被「打靶」,隨時面對雙重創傷,即要補回差價外,更失去股價回升後的獲利機會,精神打擊非輕。


(8月21日刊於《am730》)

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