You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
解讀 | 港美兩市科技板塊驚魂!爲何突然暴跌?
uSMART友信智投9月4日消息,週五港股的科技板塊上演"黑色星期五",緊跟隔夜美股科技股的暴跌步伐,開市即暴跌!截至9:55分,恆生科技指數一度跌超5%,30隻成分股全線飄綠。
其中,阿里巴巴-SW一度跌超6%,小米集團-W、京東集團-SW一度跌超7%,中芯國際一度跌超8%,比亞迪電子一度跌超10%。
追蹤恆生科技指數的三隻ETF亦跟隨大跌:恆生科技ETF(3032 HK)一度跌4.66%、南方恆生科技ETF(3033 HK)一度跌5.55%、華夏恆生科技ETF(3088 HK)一度跌5.03%。
圖片來源:網絡
爲何美股科技板塊昨夜暴跌?
洪灝撰文表示,在這次暴跌前,美股市場出現一系列的量化奇觀,包括看跌期權比例達到了歷史最低;公司內部管理層逢高減持、但散戶逢高買入;市場頭部股票的波動率相關性暴跌,顯示市場共識對於科技成長股的認識高度一致,足以引發市場暴跌;極端異常的FANG+毒牙個股成交量;美國股市和經濟基本面歷史性的割裂,等等。因此,暴跌是必然的結果。就像在一條限速50公裏的擁擠的車道上開150公裏,出車禍是必然的。車禍後是否能繼續前行取決於車損壞的程度。
獲利回吐
中金策略KevinLIU研究表示,本次市場的調整更多是市場連續上漲明顯超買後的獲利回吐,特別是科技板塊。
嘉信理財首席投資策略師桑德斯(Liz Ann Sonders)認爲,“獲利回吐是一種良性的方式,通過板塊輪動來糾正此前明星企業過度上升的極端走勢,但僅僅一天的調整是否足夠存在不確定性。”
衍生品埋下隱患
丹麥盛寶銀行股票策略主管加恩裏(Peter Garnry)指出,Robinhood等新興券商刺激了期權等衍生品交易活躍度,蘋果和特斯拉等明星股看漲期權大幅增長,做市商有時被迫購買標的股票以對衝頭寸。當標的大幅下跌時,做市商就會選擇平倉,這引發了市場踩踏。
美國匯盛金融首席經濟學家、紐約大學教授陳凱豐在接受採訪時表示,美股近期投機情緒太明顯,投資者在期權等衍生品上大量押注,爲市場波動埋下隱患,因此美股出現短期調整下跌是非常正常的。
散戶踩踏?
有報道稱,美國散戶股票交易已經達到十年來最高點。蘋果、特斯拉等熱門股正是散戶持有的重倉股。一旦這些熱門股走勢出現轉向,散戶資金將會奪路而逃,較爲容易產生踩踏效應。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
uSMART
Wealth Growth Made Easy
Open Account