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《大行报告》杰富瑞:近期流出中资电讯股资金为美禁令所需逾1至3倍 料影响已反映
阿思达克 01-11 11:45
杰富瑞发表报告表示,相信中资电讯股因美国投资禁令的影响已大致反映在股价之上,指三大电股在1月7日(上周四)及8日(上周五)成交股数,为去年12月28日的7倍及20倍,相信是因为在禁令生效前,有基金资金被动流出相关股份。

该行指在按美国财政部外国资产控制办公室(OFAC)公布相关行政命令,即去年12月28日至今年1月8日期间,料三大中资电讯股已有41%自由流通量进行交易,估计中移动(00941.HK)、中电信(00728.HK)及联通(00762.HK)成交量是美国投资者及被动基金需剔出数量各2.4倍、1.1倍及3倍,所以认为相关影响已大致反映在股价之上。

杰富瑞估计,中资电讯股自去年12月28日以来的累计交易量为其自由流通量的41%,远远超过

美国相关投资禁令估计所沽售量,在去年12月28日至今年1月8日期间的累计交易量为122亿股,但该行估算美国投资所需的沽售量仅约为79亿股,这是基於该行对美资的所有权和该行估计的被动基金所有权的30%。

该行亦指,上周五南向资金对中资电讯股买盘非常大,而且美国存托凭证很可能被同时做空。南向资金流入占交易量的28.5%,三大中资电讯股向南的净买入量为140亿港元。杰富瑞认为,上周五中资电讯股ADR大幅空头回补(上涨3%至10%),美国对冲基金投资者可能担心南向买盘推高相关股份今日的价格。(wl/u)

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