本文首次發表於 1986 年 4 月 3 日。作者：Jerry Norton
首日充滿矛盾
考慮到昨日股市交易的歷史性，強勁的反彈似乎是合適的。然而，在新的統一證券交易所的首個交易時段，價格卻明顯低於週四的收盤價。但儘管恒生指數在上午的交易時段結束時下跌了 22.67 點，收於 1,603.27 點，大多數經紀人仍表示對市場表現感到滿意。分析師普遍認為，考慮到一週前市場結束最後一個復活節前的交易時段時傳來的悲觀消息，情況本可以更糟。在那個週四，政府宣佈再次干預以支持一家地方銀行，發佈了顯示二月份出口顯著下降的貿易數據，基準利率上調了整整一個百分點，並且有關國際城市控股公司內幕交易報告發布延遲的消息也傳出。由於這些因素中的第一個受到大部分指責，香港股票在當晚在倫敦被拋售，相當於恒生指數下跌約 40 點，儘管幾隻股票後來從低點回升。當時一些看漲的經紀人表示，他們認為倫敦的反應過度。他們認為，政府對聯合銀行的援助行動可以被視為一個積極因素，消除了對該機構命運的不確定性，並減少了對本地區可能發生的嚴重銀行擠兑的擔憂。顯然，持有這種觀點的人在財政司司長和銀行專員週二的聲明後會感到更加安心，他們表示將繼續採取行動，以儘量減少銀行倒閉或擠兑的可能性。對貿易數據的積極解讀也可以找到，認為報告中進口的增加主要反映了滿足未來大量訂單所需的材料和組件。看漲者表示，基準利率的上調早已被市場消化，並可能有助於鞏固港元，減少因其對其他貨幣的疲軟而導致的本地股票拋售。而內幕交易報告雖然增加了一定的不確定性，但被認為不太可能對整體市場產生重大影響。如果這些論點沒有説服大量買家在昨日湧入市場，至少它們——以及長時間的交易休息，使投資者有時間充分考慮消息後再採取行動——似乎限制了拋售。市場開盤時下跌，但並沒有出現恐慌性拋售，許多價格保持在開盤水平，而不是進一步下跌。到上午 11 點，指數下跌了 24.27 點，因此實際上在收盤時恢復了一些漲幅。它保持在 1,600 點以上，這被許多經紀人視為長期強勁的重要信號。和記黃埔在收盤後公佈的業績符合預期，但處於範圍的高端。這也可能有助於提升市場情緒，特別是如果長江實業今天也發佈類似的消息。和記黃埔昨日收盤持平，報 25.60 港元。昨日東亞航運的停牌在某些方面產生了不安的影響，但分析師在收盤後得知，停牌背後是包玉剛的利益收購少數股東，且價格為每股 1.45 港元時感到高興。這個數字遠高於他們認為在此類交易中可能提供的價格，並且相較於週四 94 到 96 港元的收盤區間有着可觀的溢價。除了讓 EAN 的股東感到高興外，這一舉動可能會使投資者詢問某些其他股票在當前市場價格下是否是便宜貨。昨日另一個未來的積極因素是，新的交易所首日的交易並沒有淪為最悲觀者所擔心的近乎混亂，甚至沒有變成較少憤世嫉俗者認為可能出現的相當混亂。儘管存在問題和困難，整體上經紀人表示情況運作得相當順利——在半天的交易中，成交額達到 2.2635 億港元，相較於週四的 2.75 億港元，表現相當可觀。總體而言，儘管市場在第一季度未能達到預期，經紀人的態度似乎正在迴歸看漲。昨日大多數藍籌股收盤下跌，只有新鴻基地產與和記黃埔相反，保持堅挺，收於 11.10 港元。二線和三線股票的表現則稍顯混合。微電機制造商約翰遜電機在成交量上表現突出，並且上漲了 12.5 港分，收於 3.80 港元。

南方兩倍看空恆指

盈富基金

安碩恆生指數

恆生指數

南方恆指ETF

南方兩倍看多恆指

1986 年 4 月 3 日，香港統一證券交易所開盤交易，但首個交易時段以恒生指數下跌 22.67 點，報 1,603.27 點結束。儘管有悲觀消息，券商們對市場表現仍感到滿意，指出並未出現恐慌性拋售。分析師對政府幹預以支持當地銀行的舉措持積極態度，市場能夠保持在 1,600 點以上被視為長期強勁的跡象。總體而言，交易表現良好，成交額達到 2.2635 億港元，儘管初期下跌，券商的態度轉向樂觀

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">本文首次發表於 1986 年 4 月 3 日。作者：Jerry Norton
首日充滿矛盾
考慮到昨日股市交易的歷史性，強勁的反彈似乎是合適的。然而，在新的統一證券交易所的首個交易時段，價格卻明顯低於週四的收盤價。但儘管恒生指數在上午的交易時段結束時下跌了 22.67 點，收於 1,603.27 點，大多數經紀人仍表示對市場表現感到滿意。分析師普遍認為，考慮到一週前市場結束最後一個復活節前的交易時段時傳來的悲觀消息，情況本可以更糟。在那個週四，政府宣佈再次干預以支持一家地方銀行，發佈了顯示二月份出口顯著下降的貿易數據，基準利率上調了整整一個百分點，並且有關國際城市控股公司內幕交易報告發布延遲的消息也傳出。由於這些因素中的第一個受到大部分指責，香港股票在當晚在倫敦被拋售，相當於恒生指數下跌約 40 點，儘管幾隻股票後來從低點回升。當時一些看漲的經紀人表示，他們認為倫敦的反應過度。他們認為，政府對聯合銀行的援助行動可以被視為一個積極因素，消除了對該機構命運的不確定性，並減少了對本地區可能發生的嚴重銀行擠兑的擔憂。顯然，持有這種觀點的人在財政司司長和銀行專員週二的聲明後會感到更加安心，他們表示將繼續採取行動，以儘量減少銀行倒閉或擠兑的可能性。對貿易數據的積極解讀也可以找到，認為報告中進口的增加主要反映了滿足未來大量訂單所需的材料和組件。看漲者表示，基準利率的上調早已被市場消化，並可能有助於鞏固港元，減少因其對其他貨幣的疲軟而導致的本地股票拋售。而內幕交易報告雖然增加了一定的不確定性，但被認為不太可能對整體市場產生重大影響。如果這些論點沒有説服大量買家在昨日湧入市場，至少它們——以及長時間的交易休息，使投資者有時間充分考慮消息後再採取行動——似乎限制了拋售。市場開盤時下跌，但並沒有出現恐慌性拋售，許多價格保持在開盤水平，而不是進一步下跌。到上午 11 點，指數下跌了 24.27 點，因此實際上在收盤時恢復了一些漲幅。它保持在 1,600 點以上，這被許多經紀人視為長期強勁的重要信號。和記黃埔在收盤後公佈的業績符合預期，但處於範圍的高端。這也可能有助於提升市場情緒，特別是如果長江實業今天也發佈類似的消息。和記黃埔昨日收盤持平，報 25.60 港元。昨日東亞航運的停牌在某些方面產生了不安的影響，但分析師在收盤後得知，停牌背後是包玉剛的利益收購少數股東，且價格為每股 1.45 港元時感到高興。這個數字遠高於他們認為在此類交易中可能提供的價格，並且相較於週四 94 到 96 港元的收盤區間有着可觀的溢價。除了讓 EAN 的股東感到高興外，這一舉動可能會使投資者詢問某些其他股票在當前市場價格下是否是便宜貨。昨日另一個未來的積極因素是，新的交易所首日的交易並沒有淪為最悲觀者所擔心的近乎混亂，甚至沒有變成較少憤世嫉俗者認為可能出現的相當混亂。儘管存在問題和困難，整體上經紀人表示情況運作得相當順利——在半天的交易中，成交額達到 2.2635 億港元，相較於週四的 2.75 億港元，表現相當可觀。總體而言，儘管市場在第一季度未能達到預期，經紀人的態度似乎正在迴歸看漲。昨日大多數藍籌股收盤下跌，只有新鴻基地產與和記黃埔相反，保持堅挺，收於 11.10 港元。二線和三線股票的表現則稍顯混合。微電機制造商約翰遜電機在成交量上表現突出，並且上漲了 12.5 港分，收於 3.80 港元。
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香港統一證券交易所在 1986 年開始交易 - 南華早報檔案