本文首次发表于 1986 年 4 月 3 日。作者：Jerry Norton
首日充满矛盾
考虑到昨日股市交易的历史性，强劲的反弹似乎是合适的。然而，在新的统一证券交易所的首个交易时段，价格却明显低于周四的收盘价。但尽管恒生指数在上午的交易时段结束时下跌了 22.67 点，收于 1,603.27 点，大多数经纪人仍表示对市场表现感到满意。分析师普遍认为，考虑到一周前市场结束最后一个复活节前的交易时段时传来的悲观消息，情况本可以更糟。在那个周四，政府宣布再次干预以支持一家地方银行，发布了显示二月份出口显著下降的贸易数据，基准利率上调了整整一个百分点，并且有关国际城市控股公司内幕交易报告发布延迟的消息也传出。由于这些因素中的第一个受到大部分指责，香港股票在当晚在伦敦被抛售，相当于恒生指数下跌约 40 点，尽管几只股票后来从低点回升。当时一些看涨的经纪人表示，他们认为伦敦的反应过度。他们认为，政府对联合银行的援助行动可以被视为一个积极因素，消除了对该机构命运的不确定性，并减少了对本地区可能发生的严重银行挤兑的担忧。显然，持有这种观点的人在财政司司长和银行专员周二的声明后会感到更加安心，他们表示将继续采取行动，以尽量减少银行倒闭或挤兑的可能性。对贸易数据的积极解读也可以找到，认为报告中进口的增加主要反映了满足未来大量订单所需的材料和组件。看涨者表示，基准利率的上调早已被市场消化，并可能有助于巩固港元，减少因其对其他货币的疲软而导致的本地股票抛售。而内幕交易报告虽然增加了一定的不确定性，但被认为不太可能对整体市场产生重大影响。如果这些论点没有说服大量买家在昨日涌入市场，至少它们——以及长时间的交易休息，使投资者有时间充分考虑消息后再采取行动——似乎限制了抛售。市场开盘时下跌，但并没有出现恐慌性抛售，许多价格保持在开盘水平，而不是进一步下跌。到上午 11 点，指数下跌了 24.27 点，因此实际上在收盘时恢复了一些涨幅。它保持在 1,600 点以上，这被许多经纪人视为长期强劲的重要信号。和记黄埔在收盘后公布的业绩符合预期，但处于范围的高端。这也可能有助于提升市场情绪，特别是如果长江实业今天也发布类似的消息。和记黄埔昨日收盘持平，报 25.60 港元。昨日东亚航运的停牌在某些方面产生了不安的影响，但分析师在收盘后得知，停牌背后是包玉刚的利益收购少数股东，且价格为每股 1.45 港元时感到高兴。这个数字远高于他们认为在此类交易中可能提供的价格，并且相较于周四 94 到 96 港元的收盘区间有着可观的溢价。除了让 EAN 的股东感到高兴外，这一举动可能会使投资者询问某些其他股票在当前市场价格下是否是便宜货。昨日另一个未来的积极因素是，新的交易所首日的交易并没有沦为最悲观者所担心的近乎混乱，甚至没有变成较少愤世嫉俗者认为可能出现的相当混乱。尽管存在问题和困难，整体上经纪人表示情况运作得相当顺利——在半天的交易中，成交额达到 2.2635 亿港元，相较于周四的 2.75 亿港元，表现相当可观。总体而言，尽管市场在第一季度未能达到预期，经纪人的态度似乎正在回归看涨。昨日大多数蓝筹股收盘下跌，只有新鸿基地产与和记黄埔相反，保持坚挺，收于 11.10 港元。二线和三线股票的表现则稍显混合。微电机制造商约翰逊电机在成交量上表现突出，并且上涨了 12.5 港分，收于 3.80 港元。

南方两倍看空恒指

盈富基金

安硕恒生指数

恒生指数

南方恒指ETF

南方两倍看多恒指

1986 年 4 月 3 日，香港统一证券交易所开盘交易，但首个交易时段以恒生指数下跌 22.67 点，报 1,603.27 点结束。尽管有悲观消息，券商们对市场表现仍感到满意，指出并未出现恐慌性抛售。分析师对政府干预以支持当地银行的举措持积极态度，市场能够保持在 1,600 点以上被视为长期强劲的迹象。总体而言，交易表现良好，成交额达到 2.2635 亿港元，尽管初期下跌，券商的态度转向乐观

This article was first published on April 3, 1986. By Jerry Norton Debut-day is full of contradictions Considering the historic nature of yesterday’s share market trading, a strong rally might have seemed appropriate. Instead, the first session in the new unified stock exchange saw prices finish sharply down from Thursday’s close. But most brokers still described themselves as well satisfied with the performance, despite the Hang Seng index closing the morning-only trading session 22.67 points down at 1,603.27. Analysts generally thought it could have been much worse, considering the bearish news that came rolling in a week ago after the market finished its last pre-Easter session. On that Thursday, another round of Government intervention to prop up a local bank was announced, trade figures for February showing a significant export decline were released, the prime rate was raised by a full percentage point, and word came of further delays in the publication of the insider trading report related to International City Holdings. With the first of those elements getting the lion’s share of the blame, Hongkong stocks were sold off in London that night to the equivalent of some 40 points on the Hang Seng index, although several later moved up from their lows. Some bullishly inclined brokers said at the time they thought the London reaction was overdone. They took the line that the Government action to aid Union Bank could be viewed as a plus, resolving uncertainty over the fate of that institution and reducing fears of a damaging bank run in the territory. Presumably, those sharing that view would have felt even more reassured after statements on Tuesday by the Financial Secretary and Banking Commissioner indicating they would continue to act in the future to minimise the possibility of either bank collapses or runs. A positive interpretation of the trade figures could also be found, arguing that a reported increase in imports largely reflected materials and components needed to meet fat orders for the future. The prime rate rise had been widely discounted, the bulls said, and could help firm up the Hongkong dollar, diminishing selling of local shares by those concerned over its weakness against other currencies. And the insider trading report, while adding an element of uncertainty, was considered unlikely to have much general market impact. If those arguments had not convinced masses of buyers to rush into the market yesterday, at least they — and the long trading break that gave investors time to fully consider the news before acting — appeared to have put a limit on the selling. The market opened lower, but panic unloading never set in and many prices maintained the opening levels rather than moving down further. The index was off 24.27 points at 11 am, so it had actually regained a bit of ground by the finish. It had held above the 1,600 point level, which many brokers considered an important sign of long-term strength. Hutchison Whampoa’s results, announced after the close, were within expectations, but at the higher end of the range. That could also help boost sentiment, especially if Cheung Kong follows through with similar news today. Hutchison closed unchanged at $25.60 yesterday. The suspension of trading in Eastern Asia Navigation yesterday had an unsettling effect in some quarters, but analysts were pleased when it was learned after the close that a take-out of the minorities by Sir Yue-kong Pao’s interests was behind the suspension, and that the price would be $1.45 a share. The figure was well above what they had thought might be offered in such a deal, and a hefty premium on the 94 to 96-cent closing range on Thursday. Aside from making EAN shareholders happy, the move could cause investors to ask whether certain other shares are bargains at current market prices. Another plus for the future yesterday was the simple fact that the first day of action on the new exchange had not degenerated into the near-chaos the worst pessimists had feared, or even into the considerable disorder the less cynical thought possible. Although there were problems and rough spots, as a whole things worked reasonably well, brokers said — and in turnover that was quite respectable for a half-day session, totalling $226.35 million, compared to $275 million on Thursday. Overall, brokers’ attitudes seemed to be moving back toward bullishness, despite the market’s failure to live up to expectations in the first quarter. Most leaders closed down yesterday, with Sun Hung Kai Properties joining Hutchison as an exception by holding firm, finishing at $11.10. Action was a bit more mixed among second and third liners. Micromotor-maker Johnson Electric stood out both in terms of heavy turnover and in registering a 12.5 cent gain to close at $3.80.
<div class="lb-trans">本文首次发表于 1986 年 4 月 3 日。作者：Jerry Norton
首日充满矛盾
考虑到昨日股市交易的历史性，强劲的反弹似乎是合适的。然而，在新的统一证券交易所的首个交易时段，价格却明显低于周四的收盘价。但尽管恒生指数在上午的交易时段结束时下跌了 22.67 点，收于 1,603.27 点，大多数经纪人仍表示对市场表现感到满意。分析师普遍认为，考虑到一周前市场结束最后一个复活节前的交易时段时传来的悲观消息，情况本可以更糟。在那个周四，政府宣布再次干预以支持一家地方银行，发布了显示二月份出口显著下降的贸易数据，基准利率上调了整整一个百分点，并且有关国际城市控股公司内幕交易报告发布延迟的消息也传出。由于这些因素中的第一个受到大部分指责，香港股票在当晚在伦敦被抛售，相当于恒生指数下跌约 40 点，尽管几只股票后来从低点回升。当时一些看涨的经纪人表示，他们认为伦敦的反应过度。他们认为，政府对联合银行的援助行动可以被视为一个积极因素，消除了对该机构命运的不确定性，并减少了对本地区可能发生的严重银行挤兑的担忧。显然，持有这种观点的人在财政司司长和银行专员周二的声明后会感到更加安心，他们表示将继续采取行动，以尽量减少银行倒闭或挤兑的可能性。对贸易数据的积极解读也可以找到，认为报告中进口的增加主要反映了满足未来大量订单所需的材料和组件。看涨者表示，基准利率的上调早已被市场消化，并可能有助于巩固港元，减少因其对其他货币的疲软而导致的本地股票抛售。而内幕交易报告虽然增加了一定的不确定性，但被认为不太可能对整体市场产生重大影响。如果这些论点没有说服大量买家在昨日涌入市场，至少它们——以及长时间的交易休息，使投资者有时间充分考虑消息后再采取行动——似乎限制了抛售。市场开盘时下跌，但并没有出现恐慌性抛售，许多价格保持在开盘水平，而不是进一步下跌。到上午 11 点，指数下跌了 24.27 点，因此实际上在收盘时恢复了一些涨幅。它保持在 1,600 点以上，这被许多经纪人视为长期强劲的重要信号。和记黄埔在收盘后公布的业绩符合预期，但处于范围的高端。这也可能有助于提升市场情绪，特别是如果长江实业今天也发布类似的消息。和记黄埔昨日收盘持平，报 25.60 港元。昨日东亚航运的停牌在某些方面产生了不安的影响，但分析师在收盘后得知，停牌背后是包玉刚的利益收购少数股东，且价格为每股 1.45 港元时感到高兴。这个数字远高于他们认为在此类交易中可能提供的价格，并且相较于周四 94 到 96 港元的收盘区间有着可观的溢价。除了让 EAN 的股东感到高兴外，这一举动可能会使投资者询问某些其他股票在当前市场价格下是否是便宜货。昨日另一个未来的积极因素是，新的交易所首日的交易并没有沦为最悲观者所担心的近乎混乱，甚至没有变成较少愤世嫉俗者认为可能出现的相当混乱。尽管存在问题和困难，整体上经纪人表示情况运作得相当顺利——在半天的交易中，成交额达到 2.2635 亿港元，相较于周四的 2.75 亿港元，表现相当可观。总体而言，尽管市场在第一季度未能达到预期，经纪人的态度似乎正在回归看涨。昨日大多数蓝筹股收盘下跌，只有新鸿基地产与和记黄埔相反，保持坚挺，收于 11.10 港元。二线和三线股票的表现则稍显混合。微电机制造商约翰逊电机在成交量上表现突出，并且上涨了 12.5 港分，收于 3.80 港元。
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香港统一证券交易所在 1986 年开始交易 - 南华早报档案