Chapter 1105 [I never expected the big meltdown on the first day of the new year]
Half an hour after the opening of the SGX, the main boards of the two cities finally officially opened at 9:30. The market index opened flat, but the Shanghai Index started to drop about five minutes after the opening, while the H-share index next door showed a one-sided trend.
The downward trend also dragged down A shares.
At the same time, international short capital also began to exert its strength and began to sell a large number of short orders in the offshore RMB exchange rate market, suppressing further depreciation of the exchange rate. It is about to break through 6.5939 on August 12 last year and hit a new historical low.
In the A-share market, northbound funds are also selling. At the same time, many million-level accounts with permission from the SGX are also selling stocks on the main boards of the two cities to varying degrees, intending to free up some funds to play on the SGX.
Finally, at around 10 o'clock, the short positions in the foreign exchange market broke through 6.5939, and the offshore RMB exchange rate hit a new low.
Then a "double kill for stocks and exchanges" situation ensued. The Shanghai Stock Index began to plummet, and funds rushed to flee. It fell below the 3,500 and 3,400 points, a drop of more than 4 percentage points, and all major sectors also fell one after another.
At 13:00 in the afternoon, the Shanghai and Shenzhen main board indexes continued to fall after the opening. The Shanghai and Shenzhen 300 Index fell by -5% at 13:13, triggering the circuit breaker mechanism. Trading in the two cities was suspended for 15 minutes, and trading resumed at 13:28.
.
Investors never expected that Big A would launch the circuit breaker mechanism for the first time and trigger the circuit breaker for the first time in history that day.
With the main board going like this, the New Securities 50 Index, which was also launched today, was also dragged down. 22 Galaxy concept stocks fell across the board. These stocks were expected to make up for the decline because of the explosive sales in August last year.
22 stocks escaped the disaster due to the suspension of trading, and at that time, these stocks had reached record highs, and they had already accumulated a large amount of profits.
At this moment, affected by the panic on the main board and the negative factors transmitted from the foreign exchange market, holders of these 22 stocks, especially those with huge profit margins, were frightened and sold quickly.
Now it's really starting to make up for the decline.
The New Securities 50 Index, which surged more than 5 percentage points in early trading, was also brought underwater at this moment.
At the same time, the main boards of the two cities were suspended for 15 minutes due to circuit breakers, but the SGX did not have a circuit breaker mechanism. Under the continuous decline of 22 large-cap stocks in the galaxy, the SGX 50 index also fell further.
The decline soon reached -5.78%, and the intraday shock exceeded 11%, and it is still falling.
At this moment, panic is boiling in the big A and three cities, and all the stockholders on the main board are numb.
Run quickly——!
This is what most people are thinking at the moment.
At 13:28, the main boards of the two cities resumed trading again, and fell further. In just five minutes, at 13:34, the CSI 300 Index fell to the -7% mark, triggering the circuit breaker again.
More than 1,000 stocks in the two cities fell to their daily limits. On the first trading day of the new year, 1,000 stocks fell to their daily limits, and investors were all dumbfounded.
After a second circuit breaker occurs during the day, the exchange will suspend trading until the market closes, and the main board will close one and a half hours earlier.
In the foreign exchange market, international short capital is launching a fierce attack, and the offshore exchange rate continues to depreciate.
The capital market was in turmoil, and investors never expected that the first trading day of 2016 would be a "double kill for stocks and exchanges." The main board had just launched new circuit breaker rules, and two major circuit breakers were set for you on the first day.
This is like pouring cold water on everyone, no, it is like throwing a bucket of hail.
…
On the other side, Fang Hong was watching the market conditions in the trading room on the second floor of his villa. Tian Jiayi, who was at the company, sent him a WeChat message at this time: [The NSE 50 Index has fallen by more than 7 percentage points. We need to
Don’t take action to support the market?]
Fang Hong replied simply and clearly: [No need, let the market's own power interpret it, including the foreign exchange market. If there are no sudden changes, just proceed as planned.]
Tian Jiayi: [Yeah, okay.]
On the first day of the opening of the SGX, various outside funds firmly believed that the SGX 50 Index would definitely get off to a good start. It would have a good start no matter what, and Star Capital would definitely step in to support the market.
It's red, but it's only red in the morning, which means it's lonely.
If other institutions are market makers for individual stocks on the SGX, then Stellar Capital can be said to be the market maker for the SGX 50 Index and the market maker for the SGX.
However, Fang Hong did not let all the funds come true. He was really confident that he could do well in this situation. He didn't have to worry at all. Even if it went down, it would still get up.
The first batch of 36 companies registered for listing were speculated by funds, and they felt that there was no risk in the SGX. Fang Hong also took this opportunity to teach the big A shareholders that new stocks under the registration system were not completely risk-free.
So it is not possible to make money by mindless speculation.
On the other hand, it is the core factor. At the moment, the foreign exchange market is undergoing a duel. Fang Hong wants to take this opportunity to clean up some of the things that have been taken in and out. There is also a group of onshore and offshore companies that repeatedly jump back and forth to arbitrage interest rates.
There are speculators who follow the international short-selling capital to short the RMB, and they also take the opportunity to transfer wealth overseas.
What Fang Hong has to do now is to give them a window of time to jump into the pit. The harder the capital market plummets now, the more panic they have, the more determined they will be to "escape", and the more unswervingly they will jump in.
When there are almost enough people jumping into the pit, just catch them all in one sweep, and don't even think about escaping even if they are cut down with a sickle.
…
The main board has already closed its business early. After the second circuit breaker was hit in the day, trading was suspended until the close. However, the SGX next door was still trading. At this time, investors on the main board could only watch the SGX.
At this moment, the trend of the SGX is also very weak. Although it has not continued to explode, there is no sign of rebound.
The 22 super large-cap stocks listed on the SGX are now in a state of collapse, and more than half of them have been hit by the daily limit.
Currently, only 36 stocks are in the red market, and surprisingly they are the first batch of "Thirty-six Tiangang" registered and listed. Although they are in the red market, they have fallen sharply from the high point in the morning.
Bilibili, which once soared 17 times in early trading, has now fallen back to the 870% water mark. Other stocks that have soared have now fallen back by more than half.
Don't look at the fact that the increase is still several times higher. For example, Bili Bili still has an increase of more than 8 times. But if it rushed in at the highest point in the morning, it would have been cut in half. The new shares registered and listed on the SGX
If you are hot for a day, if you don't do well, you will be cut off in half within the day.
Investors on the main board saw the "Thirty-Six Heavens" of SGX drawing super long upper shadow lines. They finally became more rational and gained a new understanding of the registration system. They originally cashed out from the main board.
Those who were preparing to strike hard at the SGX have now calmed down a lot.
These investors who have entry barriers are actually a blessing in disguise. Because they wanted to free up funds to play on the SGX, they cashed out early and escaped the main board's explosion. They also hesitated because of the market explosion, and finally escaped today's big crash.
fall.
Many small businesses who could not reach the threshold were envious in the morning, hoping that Singapore Exchange could lower the entry threshold. Now they suddenly feel that it is right to set a million threshold. Most people really cannot bear the blow of being cut in half in one day.
