Wednesday, June 15, 2011

擺股壇長毛上枱

中國人民銀行在內地股市收市後,約於3時公布加存款準備金率0.5個百分點。市場反應認真快,昨早由22,300點低位抽上至逾22,600點的港股,立即掉頭向下,升勢蒸發兼倒跌12點至22,496點收市,絕對體現一國兩制,內地公布重要消息,根本不用等港股收市。

市況波動,衍生工具市場更活躍,窩輪和牛熊證成交額分別達132.8億元和69.6億元,為本月以來新高,而牛熊證佔全日主板成交額逾687億元的比重更見雙位數,達10.12%,連同窩輪的市場佔有率共達29.44%,反映其暢旺程度,但小心兩邊通殺。

近期市場對民企聞風喪膽,早前超大(682)已受負面傳聞影響,股價大瀉,即使澄清、再加回購兼大股東增持,元氣恢復需時,股價昨逆市升5.7%至3.33元,但與事發前逾4元仍有一段距離。

至於綠森集團(094)在加拿大上市的母公司嘉漢林業被Muddy Waters Research(MWR)質疑帳目真偽,引發投資者反思中資股如民企的可信性。但事件還引出另一個問題,就是那間MWR事先張揚在發表有問題企業報告前,先沽空有關企業股份獲利的做法是否合理。

逢周一派的免費雜誌《investor投資一週》立刻以股壇長毛David Webb為目標,同樣質疑他又是否渾水摸魚(圖),而Webb回覆話自己在網站發表文章13年以來,從未沽空所批評的股份。

但該家雜誌指在Webb的網站通知內,列明或會沽空文章提及的股份,更統計其批評的股份事後多數出現股價回落情況。

不過,股壇長毛未有理會,昨日繼續就玖龍紙業(2689)股價重挫發炮,事緣信貸評級機構標準普爾於下午1時55分披露,撤回對玖紙的信貸評級,該股股價隨即從6.66元下挫至2時26分的5.38元,下跌了19.2%,及後公司索性停牌。

股壇長毛批評,如果投資者無法登入彭博或指定網站,根本無從即時得知有關訊息,而其他通訊社也要在一段時間後才找出「死因」,出現資訊發放不平衡問題,但在這段期間,早著先機的投資者可能早已跳車逃生了。

他建議除非有關股份已停牌,否則信貸評級機構亦應跟隨在交易時段禁止披露有關公司的股價敏感消息的規定,畢竟信貸評級機構也可能擁有一些非公開資訊,故其一舉一動亦會對相關股份構成影響。其實,證監會最近已向信貸評級機構發牌和監管,要執行也變得簡單得多。

(6月15日刊於《am730》)

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