Tuesday, July 21, 2009

紅底俱樂部添新員

現在人人認為,經濟數據差已屬預期之內,甚至對衰退根本無動於衷,加上內地話第二季經濟增長有7.9%,大家紛紛覺得,中國經濟火車頭開動,故股市喘氣後,再度展現強勁升浪。

港股固然令人興奮,表演連升5日的場面,恒指昨開市後未有停下來似的,一級一級向上,單日能升3.7%,收市報19,502點,距離20,000點僅差498點而已,好友定必有信心,很快就到該關口了。

藍籌股特別醒神,滙豐控股(005)一方面受惠於美國金融股業績勝預期所支持,該股於美國的業務理應也不會差於同業,加上有報道話,該集團已展開籌備在內地上市的工作,自然成為利好炒上借口,股價再突破70元,見70.45元收市,增3.1%,若果再破70.8元的話,更會見今年以來新高,大笨象捧場客當然開心。

此外,做內地網上生意的騰訊(700)昨日更加入「紅底俱樂部」,如果不計及交易所買賣基金(ETF),更成為宏利金融(945)、渣打(2888)、港交所(388)、恒生(011),以及上周五股價才衝破百元大關的新地(016)後,第六隻紅底股。騰訊一開市,股價已見101元,之後持續走高,買盤一直推向上,更以接近全日最高位收市,報106.5元,單日急漲8.1%,其中大手成交佔245宗,涉約240萬股,佔整體約550萬股的43%,其中尾市錄得4.8萬股大手成交,每股106.7元,涉512.16萬元,可見投資者不怕買錯。

內地經濟好之餘,在暑假期間,學生用戶使用電腦時間自然增加,如使用聊天室等,還有網上遊戲的收入,最重要是金額並非很大,但集腋成裘就不得了。有騰訊做範例,投資者湧向炒科網股,阿里巴巴(1688)率先彈13%至15.98元,增幅比騰訊更厲害,在大手成交中,以市價以上成交的更佔高達78.5%之多,反映投資者的熱烈程度,而市盈率已見59.7倍,比騰訊的60.5倍市盈率不相伯仲,但大市要炒上,試問誰以市盈率做指標?

其他科網股表現也不弱,做網絡遊戲的網龍(777)股價全日亦有4.8%增幅,收市報6.02元,至於開發數碼音樂內容的A8電媒(800)升4.9%,總之大家落力尋寶。

為何淡友會收斂呢?只要看對沖基金的策略,或許可略窺一二。之前談過,在過去半年,公司股價被金融海嘯衝擊而顯著回落後,造價相對較低,對這些基金來說,若果這時貿然造淡,倘若企業的業績並非如想像般差,股價隨時急升,反映看淡的風險屆時就會相對增加,基金索性持有股票好過。

另一個原因,可能是借貨造淡難。英國BT集團旗下的退休基金由去年起,已停止借貨,因為借貨予其他對手(counterparty)的風險上升,若果對手輸大錢而消失,試問怎追回股票呢?對沖基金想造淡,成本便會相應增加,才可吸引對方肯借貨,令回報變得不吸引,難怪造淡不易。

(7月21日刊於《am730》)

8 Comments:

At 8:22 AM, Blogger oakleyses said...

air max, burberry outlet, true religion jeans, louboutin, louis vuitton outlet, louboutin, ray ban sunglasses, tiffany and co, coach outlet store online, oakley sunglasses cheap, christian louboutin shoes, longchamp outlet, louis vuitton, true religion jeans, tory burch outlet, kate spade outlet, kate spade handbags, oakley sunglasses, jordan shoes, polo ralph lauren outlet, louis vuitton outlet, louis vuitton handbags, coach outlet, prada outlet, ray ban sunglasses, chanel handbags, michael kors outlet, longchamp handbags, michael kors outlet, oakley sunglasses, nike shoes, air max, coach purses, michael kors outlet, longchamp handbags, louis vuitton outlet stores, nike free, prada handbags, coach factory outlet, gucci outlet, tiffany and co, louboutin outlet, michael kors outlet, polo ralph lauren outlet, michael kors outlet, burberry outlet, michael kors outlet

 
At 8:27 AM, Blogger oakleyses said...

abercrombie and fitch, hollister, sac burberry, sac hermes, nike free pas cher, michael kors, sac guess, timberland, nike free, lululemon, new balance pas cher, true religion outlet, sac louis vuitton, mulberry, louis vuitton uk, longchamp, nike roshe, vans pas cher, air max, louboutin, vanessa bruno, nike blazer, hollister, air force, ray ban pas cher, true religion outlet, north face, oakley pas cher, hogan outlet, nike trainers, nike tn, air jordan, sac louis vuitton, polo lacoste, louis vuitton, air max pas cher, michael kors pas cher, michael kors, polo ralph lauren, sac longchamp, converse pas cher, ralph lauren, nike roshe run, barbour, nike air max, air max, north face, ray ban sunglasses

 
At 8:35 AM, Blogger oakleyses said...

marc jacobs, soccer shoes, abercrombie and fitch, hollister, asics running shoes, canada goose, ugg boots, nfl jerseys, reebok outlet, herve leger, ugg, north face outlet, mont blanc, longchamp, insanity workout, canada goose uk, chi flat iron, babyliss pro, ugg pas cher, ugg australia, canada goose jackets, mcm handbags, canada goose, wedding dresses, new balance shoes, mac cosmetics, soccer jerseys, celine handbags, birkin bag, p90x, ferragamo shoes, valentino shoes, nike huarache, beats by dre, ghd, instyler, jimmy choo outlet, lululemon outlet, bottega veneta, canada goose, rolex watches, canada goose outlet, vans shoes, nike roshe run, moncler, ugg boots, north face jackets, uggs outlet, giuseppe zanotti

 
At 8:46 AM, Blogger oakleyses said...

louboutin, moncler outlet, juicy couture outlet, iphone 6 cases, hollister, moncler, karen millen, oakley, baseball bats, wedding dresses, ray ban, gucci, canada goose, ralph lauren, canada goose, swarovski crystal, hollister clothing store, moncler, air max, converse, pandora jewelry, juicy couture outlet, rolex watches, moncler, supra shoes, moncler, pandora charms, ugg, vans, toms shoes, links of london, pandora charms, air max, timberland boots, parajumpers, hollister, thomas sabo, louis vuitton, montre homme, coach outlet store online, lancel, ugg, swarovski, moncler, converse shoes

 
At 4:06 PM, Blogger ninest123 Ninest said...

ninest123 12.05
replica watches, tiffany and co, cheap oakley sunglasses, ray ban sunglasses, longchamp outlet online, louis vuitton, prada handbags, oakley sunglasses, cheap ugg boots, ugg outlet, michael kors handbags, prada outlet, jordan shoes, burberry outlet online, oakley sunglasses, michael kors outlet online, polo ralph lauren outlet, louis vuitton outlet, burberry outlet online, red bottom shoes, ugg boots clearance, tory burch outlet online, longchamp outlet, cheap ugg boots outlet, nike air max, gucci handbags, longchamp handbags, tiffany jewelry, michael kors outlet online sale, louis vuitton handbags, ray ban sunglasses, christian louboutin, ray ban outlet, nike air max, ugg australia, polo ralph lauren, louis vuitton outlet, replica watches, christian louboutin outlet, michael kors outlet store, christian louboutin shoes, michael kors outlet online, cheap oakley sunglasses, louis vuitton outlet online, nike outlet, oakley vault, michael kors outlet

 
At 4:08 PM, Blogger ninest123 Ninest said...

coach outlet store online, abercrombie and fitch, lacoste pas cher, longchamp, ray ban pas cher, nike air force, nike roshe, oakley pas cher, nike free pas cher, burberry pas cher, timberland pas cher, true religion outlet, sac vanessa bruno, michael kors, north face pas cher, nike trainers, nike blazer pas cher, ray ban uk, north face, mulberry uk, coach purses, michael kors outlet online, nike air max, vans pas cher, ralph lauren uk, ralph lauren pas cher, longchamp pas cher, lululemon outlet online, nike roshe run, nike air huarache, hollister uk, air max pas cher, true religion, michael kors canada, michael kors uk, air max, guess pas cher, nike air max, new balance pas cher, nike free, hollister, air jordan, scarpe hogan, converse pas cher, true religion jeans, coach outlet, true religion outlet, louboutin, hermes pas cher, tn pas cher

 
At 4:10 PM, Blogger ninest123 Ninest said...

ghd, ipad cases, soccer jerseys, ralph lauren, converse, north face jackets, iphone 6 cases, jimmy choo shoes, iphone 6s plus cases, nike roshe, oakley, giuseppe zanotti, abercrombie and fitch, abercrombie, vans outlet, mcm handbags, chi flat iron, birkin bag, babyliss, mont blanc pens, baseball bats, new balance outlet, vans, herve leger, mac cosmetics, north face jackets, reebok shoes, bottega veneta, ray ban, iphone 6 plus cases, beats headphones, iphone 6s cases, lululemon outlet, louboutin, soccer shoes, timberland boots, wedding dresses, nike air max, ferragamo shoes, nfl jerseys, iphone cases, s6 cases, gucci, insanity workout, p90x workout, instyler ionic styler, iphone 5s cases, hollister clothing store, celine handbags, valentino shoes, asics shoes, air max

 
At 4:13 PM, Blogger ninest123 Ninest said...

louis vuitton uk, uggs canada, moncler, moncler, pandora jewelry, thomas sabo uk, moncler, canada goose outlet, replica watches, moncler, converse shoes, juicy couture, ugg boots, coach outlet, hollister canada, moncler outlet, canada goose outlet, canada goose, ugg, swarovski jewelry, juicy couture outlet, canada goose, moncler, canada goose, barbour jackets, canada goose outlet, canada goose, moncler outlet, pandora uk, sac louis vuitton, montre femme, louis vuitton canada, ugg, supra shoes, wedding dress, louis vuitton pas cher, karen millen, pandora jewelry, toms outlet, sac lancel, barbour, canada goose pas cher, ugg soldes, doke gabbana outlet, louis vuitton, marc jacobs handbags, moncler, links of london uk, swarovski uk, pandora charms
ninest123 12.05

 

Post a Comment

<< Home