Chapter 1639 [The “top-heavy” problem of the SGX market]
At around 14:00, the trading volume of the SGX market exceeded 1.7 trillion. At the same time, the SGX 50 index was still fluctuating upward. Now every 0.1 percentage point increase is hitting a record high.
Half an hour later, the transaction scale exceeded 1.8 trillion.
The main volume energy is that the six major NSE 50 ETFs are exploding in volume, because many retail investors are trying a single T 0 today, especially investors who are very active in the market, and they can't help but try it today.
The implementation of the new trading rules this time has made all kinds of funds more active as usual and created miracles in trading.
In the last 10 minutes of trading, the SGX 50 Index broke through the 8,600-point mark, and the transaction size of the SGX market reached 1.93 trillion. This number shocked everyone, and people from all walks of life were staring at the new exchange.
The exchange is holding hands and watching the turnover continue to move towards the 2 trillion mark.
However, it was still a little bit behind in the end.
As of the close of trading, the SGX 50 Index surged 3.35% to 8,606.78 points, and the SGX market's full-day turnover was 1,975.1 billion.
But today, the total transaction size of the three major A-share trading markets also exceeded the 3 trillion mark again. The Shanghai Stock Exchange Index closed up 1.86% today, with transactions of 429.9 billion, and the Shenzhen Component Index closed up 2.19%, with transactions of 653.6 billion.
Although the turnover of the SGX market today did not exceed 2 trillion, the volume of 1.97 trillion is still a breakthrough. Compared with the 1.315 billion on the previous trading day, today there is an increase of 660.1 billion. The increase in volume is more than
The Shenzhen market has more volume throughout the day.
But then again, it is true that the amount of energy increased sharply by 660.1 billion today, but judging from the net capital inflow data, the net inflow scale is only about 107 billion.
The reason why today’s huge volume is due to the new trading rules is mainly due to the exchange of hands of funds on the market. Many people buy and sell, and then buy again. Some people use a single T 0 transaction to make intraday arbitrage, and of course some people fail to arbitrage.
Instead, the losses expanded.
Under the new trading rules, 1 yuan can change hands twice in one day, so when calculating the transaction volume, it is 2 yuan.
Can the added volume of 660.1 billion be a net inflow? Then the SGX 50 index must not be pushed to the daily limit, and the entire SGX market must be pushed to the daily limit of 1,000 shares.
…
On Tuesday the next day, the trading volume of the SGX market shrank to 1.69 trillion, failing to continue to set a new record. This is also a reasonable performance, and although the super main force is still doing long, it is not as strong as yesterday.
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After the NSE 50 Index surged 3.35% on heavy volume on Monday, it did not continue to rise in the next four trading days. Instead, the high adjustment lasted for four trading days.
During this period, the trading volume of the SGX market has not been lower than 1.35 trillion. Not only has trillions of transactions become the norm, but the average value has moved up significantly. This is the result of the implementation of the new trading regulations and is also expected.
If the amount does not increase, it would be abnormal.
Four days after the NSE 50 index adjusted to a high, it strengthened again in the next six trading days and continued to hit new highs. It had six consecutive positive days, closing up 2.08%, 0.04%, 0.66%, 1.04%, 0.98 and 2.00% respectively.
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Especially the sixth positive line brought the SGX 50 Index to the 9,000 point mark in one fell swoop, closing at 9,097.33 points. The highest intraday hit was 9,185.96 points. The trading scale of the SGX market that day also exploded.
The amount of energy reached 1.73 trillion, second only to the 1.97 trillion on the first day of the implementation of the new trading regulations.
The NSE 50 Index broke through the 9,000-point mark. This is something that countless investors dare not even think about, especially when the global stock market plummeted in March this year and the NSE 50 Index dived all the way to 5,262.42 points. The top at that time was 6,794.27 points.
, everyone either thinks it is the top of the universe, and even the optimists think it will take about two years to repair.
At that time, who would dare that the NSE 50 Index could reach above the 9,000-point mark within the year?
However, in such a strong bullish market, one factor that cannot be ignored is that the wealth harvested overseas by the Star Group has been distributed into the SGX market with an astronomical figure of 5 trillion.
During this period, every K-line on the NSE 50 Index that rose by more than 1 percentage point had 5 trillion funds doing long, and the net buying volume was no less than 100 billion. Every trading day
They are all net buying, with the lowest net buying amount exceeding 30 billion yuan in one day.
This is all real money entering the SGX market.
As the NSE 50 Index has exceeded the 900 billion mark, countless investors have begun to boldly think about whether it is possible to break through the 10,000 point mark within the year?
This kind of thought was something that no one dared to think about in the first half of this year. Even during the exponentially rapid rise in the market in July, no one dared to think about the NSE 50 index exceeding 10,000 points within the year.
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But now that it has exceeded 9,000 points, the distance to the 10,000-point mark is no longer unattainable. Everyone dares to think about it and even has expectations.
…
Wednesday, November 25th.
"Since the development of the SGX market, the SGX 50 index alone has been a bit overwhelmed by the massive influx of funds into the market..." said a participant from the SGX management.
At this time, Fang Hong was attending an internal seminar at the SGX headquarters building, and the topic was the next step of reforming the SGX market.
Another manager who attended the meeting agreed: "Now and then, in the face of the new situation, it is indeed extremely unreasonable for the SGX market to have only one SGX 50 index."
After a while, Fang Hong said in a deep voice: "It has been nearly five years since the birth of the SGX market. There is no doubt that it has been a great success. However, in the process of development, there are indeed many problems. Now it has reached the point where it has to be
When I looked at it head on, the biggest problem can be explained in just four words - top-heavy."
This chapter is not finished yet, please click on the next page to continue reading the exciting content! The top leaders of SGX and all the managers attending the meeting couldn't help but nodded. "Top-heavy" is indeed the biggest problem. The SGX 50 Index
The 50 constituent stocks account for nearly 70% of the entire SGX market, while the other 2,000 individual stocks only account for more than 30%.
Even in the NSE 50 Index, it still faces the problem of "top-heavy". The two stocks Xingyu Technology and Matrix Quantum, known as the "big and small kings", also occupy a considerable amount among the 50 constituent stocks.
A huge proportion.
Super giants like Xingyu Technology and Matrix Quantum, the total market value of these two listed companies is almost 50 trillion, which is quite an exaggerated figure.
At the current closing price, Xingyu Technology's latest market value has reached 28.23 trillion, and it is heading towards the 30 trillion mark. Matrix Quantum's market value has also reached 17.97 trillion, and it is heading towards the 20 trillion market value mark.
It's closed.
The market value of these two companies is indeed ridiculously large, and there are certain bubbles, but they can have enough value growth to fill the bubble. To put it bluntly, they are worth the price. The market value itself is reasonable, and the capital market also recognizes it.
But it may not be a good thing for the SGX market. Now if any of these two stocks falls by 3 or 5 points, the market index SGX 50 will not be able to hold back the downward trend, and vice versa, it will rise by 3 points.
Points, 5 points, the index can hardly hold it down.
In the past, you could use Kyushu Blue Arrow and other several trillion-dollar stocks to hedge together to create the seesaw effect, but now this method has gradually become ineffective, and these stocks sometimes need to have others do the seesaw hedging for them.
In short, the SGX market faces the "top-heavy" problem that must be solved. If we don't pay attention to it now, big problems may occur in the future.
