Posts tagged ‘COMTEC SOLAR 卡姆丹克太陽能 (00712.HK)’

亨泰 (00197.HK) 成交價位分佈 Price Volume Distribution Chart 2012-11-30

亨泰 (00197.HK) 於2012年11月30日的成交價位分佈圖表

2012-11-30 (星期五) 收市前有龐大的成交,一些二、三線股票頗為波動,相信是源於MSCI指數基金換馬所致。其實,MSCI 明晟早在11月中已公佈,將會加入或剔除MSCI指數成份股的股票名單,並於11月30日生效。一些本來成交不大的股票會受到影響,尤其是被剔除的港股,會被大量沽售。

 

例如亨泰 (00197.HK) 的100天平均成交額每日僅300萬元,可是在上週五收市前短時間內的成交已逾400萬元!市價以上成交量/市價以下成交量 = 0.28,表示向下掃的市價盤比向上掃的市價盤多3.57倍,令股價急插4.08%,從成交價位分佈圖表亦引證這一點。另一隻中國誠通發展集團 (00217.HK) 更甚,股價下跌10.59%。重災區是創業板的股票,恆芯中國 (08046.HK) 股價下跌13.85%,而環球能源資源 (08192.HK) 股價更下跌20.69%!

 

由此可見,MSCI指數基金換馬的威力不可忽視,投資者(尤其是持貨者) 要多加注意。

 

最後,值得一提的是,這個「大摩」指數之前的成份股竟有6隻因帳務問題仍在停牌中,可見「大摩」選股的確「有眼光」!

 

上週五加入MSCI的港股 上週五被MSCI剔除的港股
四川成渝 (00107.HK) 萬佳錫業 (00195.HK)
中國風電 (00182.HK) 亨泰 (00197.HK)
中國資源交通 (00269.HK) 中國誠通 (00217.HK)
中國瑞豐 (00527.HK) 歲寶百貨 (00312.HK) (停牌)
三一國際 (00631.HK) 裕田中國 (00313.HK) (停牌)
中聚電池 (00729.HK) 京能清潔能源 (00579.HK)
合和公路基建 (00737.HK) 碧生源 (00926.HK)
理工文化 (00746.HK) 樓東俊安 (00988.HK)
翔宇疏浚 (00871.HK) 大慶乳業 (01007.HK) (停牌)
雨潤食品 (01068.HK) 皇朝傢俬 (01198.HK)
中國熔盛重工 (01101.HK) 博士蛙  (01698.HK) (停牌)
台泥 (01136.HK) 澳優乳業 (01717.HK) (停牌)
航標控股 (01190.HK) 卡姆丹克 (00712.HK)
新礦資源 (01231.HK) 晨訊科技 (02000.HK)
天倫燃氣 (01600.HK) 西王糖業 (02088.HK)
正通汽車 (01728.HK) 上海集優 (02345.HK)
亨得利 (03389.HK) 友佳國際 (02398.HK)
永達汽車 (03669.HK) 創益太陽能 (02468.HK) (停牌)
先健科技 (08122.HK) 大成糖業 (03889.HK)
洪橋集團 (08137.HK) 恆芯中國 (08046.HK)
環球能源 (08192.HK)

 

– Mr. Alpha

During times of high market volatility, investors may typically ask, “what kind of strategy should I follow?” or “which stocks should I be buying and selling”?  Using the concept of statistical regression between individual stock and market returns, we can begin thinking about these questions using the concept of “Beta” from the Capital Asset Pricing Model (CAPM).

Beta is a measure of the sensitivity of individual stock returns to market returns.  A stock like HK2800 (Tracker Fund) would have a beta close to 1.  A Beta significantly higher than 1 indicates that a stock may rise or fall more sharply than the market index.  A Beta significantly less than 1 indicates that the individual stock returns do not move in the same direction as how the market moves.

 

Top 5 High Beta stocks:

Stocks Beta
中國智能交通 CHINA ITS (01900.HK) 3.67
華耐控股 SINOREF HLDGS (01020.HK) 2.58
卡姆丹克太陽能 COMTEC SOLAR (00712.HK) 2.6
珠江鋼管 CHU KONG PIPE (01938.HK) 2.52
旭光高新材料 LUMENA NEWMAT (00067.HK) 2.5

 

For high Beta stocks, if an investor had a view that the market is trending upwards in the short term, buying high beta stocks may lead to higher gains.  But under the current highly volatile environment, investors may be better off simply to avoid high beta exposure, as these are the names that may drop more significantly than the market.  What is also notable is that in the high beta list, China property developers tend to show up further down the list of top 50 high beta names.

 

Top 5 Low Beta stocks:

Stocks Beta
中電控股 CLP HOLDINGS (00002.HK) 0.1
電能實業 POWER ASSETS (00006.HK) 0.12
領匯房產基金 LINK REIT (00823.HK) 0.21
長江基建集團 CKI HOLDINGS (01038.HK) 0.22
和記電訊香港 HUTCHTEL HK (00215.HK) 0.24

 

Under the current highly volatile environment, investors may be better off to have low Beta exposure as a cornerstone security to build a defensive portfolio.  As always, comments and feedback are welcome!

 

Mr. Alpha