Hong Kong stocks shake: a minute up 400 points a week more than 100 Cattle bear card recovery

Investors in the Hong Kong market have once again taken a thrilling roller coaster ride this week. July 13, Hong Kong's Hang Seng index fell to 17200多 points, followed by a return to 18,600 highs in three trading days, up and down amplitude of up to 1400 points.　　In this case, the intention or unintentional action of a large family leads to the market stocks, periods and other derivative products. First July 13, the city in two minutes pee fell 400多 points, but also July 14, the city in the afternoon opening a minute after a sharp 400多 point, and the corresponding period refers to the transaction is surprisingly depressed, only 3125.　　As usual, this number can reach at least 30,000 to 60,000 pieces.　　Even more bizarre, July 15, a A-share ETF (Exchange-traded fund) Mark Zhi Shanghai (02827.HK) The last minute before the close of the "Oolong finger", the quotation soared 51%, from HK $36 straight to HK $53, and the next day, the original, and fell to HK $36. The last minute before the close of July 16, the thrilling dive appeared again, Oriental Overseas International (00316.HK), the former chief executive of Hong Kong's family holdings, was smashed, and in just a minute, Oocl fell from HK $36 to HK $21, down more than 30% and the next day, the stock rose to HK $35.　　According to the Hong Kong stock Exchange, OOCL deals 2.384 million shares a day, but the "perpetrator" of the stock market setback is only 148,000 shares in the last minute before the closing of the market.　　Huang, deputy director of the Dutch Cooperative Bank's Equity derivative division, told the weekly newspaper reporter that due to a sharp fluctuation in market conditions, more than 100 bull bear certificates were recovered this week, and July 16, the disappearance of the bear certificate created a recent record of 72. But the Swiss credit derivatives department Vice President Vermilion also told the Financial weekly reporter, although the index is high, but the extended volatility of Chinese stocks has a clear downward pressure.　　There has been a significant flow of capital for both the subscription and the warrant. Liu Chaoxiang, the manager of Prudential Securities Investment in Hong Kong, said this week, a large number of abnormal fluctuations in the Hong Kong market show that large investors may be in the test before the big deal, the first is to test the computer system can meet the needs, the second is to test the depth of the market, calculate how much money can push the city higher or lower.　　However, Liu Chaoxiang stressed that a large family can test the reaction of Hong Kong regulators through these days of trading. Period refers to fluctuations in the large material loss of 100 million Hong Kong dollar Liu Chaoxiang said that in Tuesday, the index rose to more than 18,000 points, and fell to 17,900 points, and the period of the surge, spot and period of the difference between more than 175 points.　　If the Monday selling period refers to the same large amount as the Tuesday buy period, then they sell at 17,200, and at 17,900, each contract loses 700 points, corresponding to 35,000 Hong Kong dollars, and 3000 sheets, with a loss of HK $100 million. Liu Chaoxiang that if it is a large investment mistakes, it is understandable. If you want to test the level of the market, the market risk will be very large. In the past, when Chinese futures were launched, investors were mistakenThe number of shares and prices to turn the input, leading to market diving.　　In fact, if a large trader uses the loopholes of the trading system to sell the HSI futures at a very low point, it could lead to the collapse of the HSI. Huang said that when the Hang Seng index fell below 17,500 points, the Panel has shown a large amount of money to concentrate on derivatives. However, many investors were caught off-guard by the volatility of the Hang Seng Index, which then exceeded 1000 points. In Monday, about 34 cattle certificates were recovered, and on the day of Thursday, 72 bear certificates were recovered, of which 40 bear certificates.　　Within a week, more than 100 cattle bears were recovered from the Hong Kong market. The reverse flow of the warrant funds Vermilion told reporters that this week, despite the sharp fluctuations in the index, but from the capital flow of warrants, the market has not entered a side to see much of the situation. Almost every rebound, investors rush to buy a warrant. For example, on July 14, the Hang Seng index rose, with a net inflow of HK $52 million to the Hang Seng index, with a net outflow of HK $33 million to the index.　　On July 15, the index continued to rise, with a net inflow of HK $33 million and a net outflow of HK $22 million. ' This shows that many investors think the current point of pressure is quite large, ' said Vermilion. The extended amplitude of warrants also shows an interesting phenomenon, the earlier-rising Chinese stocks have a downward pressure on the volatility.　　For example, the construction bank, the extended volatility has fallen by 1%-2%, we expect the volatility in the future is relatively narrow. KGI Securities Asia Operations President Kwong said that the Hang Seng index July 16 High, but with the yin candle closed down, and blue chip turnover rose to HK $23.3 billion, also shows a certain level of pressure.　　However, as the United States has announced big business and technology performance is far better than expected, coupled with the famous economist Rubini said the economic worst time has passed, to stimulate Hong Kong's listed in the United States blue chip ADR to the good, so the HK $ July 17 can still open high. Kwong said the short-term rally in the company would be limited by the recent increase in rights offerings in listed companies, coupled with some capital flows to new shares.