{"id":2630,"date":"2024-10-04T02:34:01","date_gmt":"2024-10-03T18:34:01","guid":{"rendered":"https:\/\/www.kafeizha.com\/?p=2630"},"modified":"2024-10-04T02:34:01","modified_gmt":"2024-10-03T18:34:01","slug":"%e9%a6%99%e6%b8%af%e8%82%a1%e5%b8%82%e5%9b%9e%e5%8d%87%e8%83%8c%e5%90%8e%e7%9a%84%e5%86%b3%e7%ad%96%e6%83%85%e5%a2%83%e5%86%8d%e7%8e%b0","status":"publish","type":"post","link":"https:\/\/news.tomjun.com\/?p=2630","title":{"rendered":"\u9999\u6e2f\u80a1\u5e02\u56de\u5347\u80cc\u540e\u7684\u51b3\u7b56\u60c5\u5883\u518d\u73b0"},"content":{"rendered":"

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\u65b0\u95fb\u6765\u6e90\uff1a<\/b>www.bloomberg.com
\u539f\u6587\u5730\u5740\uff1a<\/b>Options Scenario That\u2019s Led to Hong Kong Stock Gains Is Back<\/a>
\u65b0\u95fb\u65e5\u671f\uff1a<\/b>2024-10-02
\u539f\u6587\u6458\u8981\uff1a<\/b><\/font><\/p>\n

For six straight days, Hong Kong\u2019s benchmark stocks gauge and a measure tracking the cost of its options moved in the same direction. The last time that happened, the  went on to surge 30% in about two months. Only time will tell whether Chinese and Hong Kong markets will climb further, but for now the bull spirits have definitely come out. The Hang Seng surged 16% in the five days through Monday, its biggest rally in more than two years, and China\u2019s CSI 300 Index staged its best daily jump since 2008 to close in a bull market. The Hong Kong stocks gauge and volatility index both climbed again on Wednesday after a holiday on Tuesday. China\u2019s market stayed closed for the holiday. Also read: With China\u2019s stimulus spree, the stars may be finally aligning for market bulls. The nation announced a slew of measures to boost its economy \u2014 from interest rate cuts to lower bank reserve requirements, billions of dollars to support equities and relaxed rules for homebuyers. The stocks frenzy percolated through the options market, where investors chasing the rally  the price of near-term contracts. \u201cThe Chinese authorities are doing everything that they said they wouldn\u2019t do,\u201d said , chief executive officer at Global CIO Office in Singapore. \u201cThe helicopter money and the support to the real estate sector reverse their previous plans of fiscal discipline and real estate sector reset. It\u2019s probably best for the moment not to vote against further gains in the Chinese equity market.\u201dAfter the Hang Seng and HSI Volatility Index both fell on Sept. 23, the two gauges climbed in unison for the five days through Monday, both ending at highs. They hadn\u2019t moved together for so long since November 2022, shortly after the Hang Seng hit a 13-year low. The stocks gauge then rallied through an almost 11-month high in January 2023. Volatility indexes \u2014 like the Cboe Volatility Index, or VIX, in the US \u2014 are often viewed as fear gauges because they tend to rise with growing hedging demand when stocks slump. If both the equity and swings indexes move together, it can be a warning sign. But it\u2019s a different story in Asian markets, according to , head of Asia-Pacific equity and derivatives strategy at BNP Paribas.\u201cInvestors tend to chase upside exposure via call options buying, resulting in the \u2018spot up, vol up\u2019 phenomenon,\u201d Lui said. \u201cThe jump in volatility tends to be amplified if the overall market sentiment is low or depressed as it is the case in the HK\/China market this time.\u201d The Hang Seng and its volatility measure are heading for a record correlation this year, moving in unison on 49% of the days. In the US, the S&P 500 Index and VIX have had similar gyrations 21% of the time historically. UBS Group AG estimates the Hang Seng has more room for gains. The Swiss bank increased its year-end target to 22,100, 4.6% above the Monday close. Global funds that had reduced their China exposure are poised to come back to the market, according to Value Partners. \u201cThere should be a significant amount of money that needs to be allocated to stocks in Hong Kong and mainland China,\u201d said , the firm\u2019s deputy chief investment officer for equities. \u201cWe anticipate that the China equity market could experience a mid to long-term rally.\u201d<\/pre>\n
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