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《大行報告》傑富瑞:近期流出中資電訊股資金為美禁令所需逾1至3倍,料影響已反映
阿思達克 01-11 11:45
傑富瑞發表報告表示,相信中資電訊股因美國投資禁令的影響已大致反映在股價之上,指三大電股在1月7日(上周四)及8日(上周五)成交股數,為去年12月28日的7倍及20倍,相信是因為在禁令生效前,有基金資金被動流出相關股份。

該行指在按美國財政部外國資產控制辦公室(OFAC)公布相關行政命令,即去年12月28日至今年1月8日期間,料三大中資電訊股已有41%自由流通量進行交易,估計中移動(00941.HK)、中電信(00728.HK)及聯通(00762.HK)成交量是美國投資者及被動基金需剔出數量各2.4倍、1.1倍及3倍,所以認為相關影響已大致反映在股價之上。

傑富瑞估計,中資電訊股自去年12月28日以來的累計交易量為其自由流通量的41%,遠遠超過

美國相關投資禁令估計所沽售量,在去年12月28日至今年1月8日期間的累計交易量為122億股,但該行估算美國投資所需的沽售量僅約為79億股,這是基於該行對美資的所有權和該行估計的被動基金所有權的30%。

該行亦指,上周五南向資金對中資電訊股買盤非常大,而且美國存託憑證很可能被同時做空。南向資金流入佔交易量的28.5%,三大中資電訊股向南的淨買入量為140億港元。傑富瑞認為,上周五中資電訊股ADR大幅空頭回補(上漲3%至10%),美國對沖基金投資者可能擔心南向買盤推高相關股份今日的價格。(wl/u)

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