植耀辉: 美债息续升股市震荡 港股调整未完
耀才证券研究部总监植耀辉称，美股隔晚(25日)急挫，10年期国债孳息率继续上扬，引发金融市场震荡，科技股更成为跌市重灾区，纳指便大跌超过3.5%，创四个月以来最大单日跌幅，至於上日才创新高之道指亦下跌559点或1.75%，收报31,402点，标普500指数亦下跌2.45%，收报3,829点。不少科技股跌势显着，FANNG股全线下跌，当中苹果公司(AAPL.US)下跌近3.5%，台积电(TSM.US)更下跌近5%。至於近期股价再度波动之GameStop(GME.US)则逆市上升，收报108.73美元，升幅达18.57%。
港股经过周三(24日)大跌後昨日(25日)出现反弹，恒指亦重上30,000点收市，成交量则回落至2,568亿元。虽然港股走势有所改善，然而不少急跌之股份却未见反弹，个别更持续下跌，反映投资气氛仍较谨慎。但这亦不难理解，毕竟上调印花税之潜在影响仍有待观察，同时北水虽然恢复净流入，但亦只得17亿元，而且亦只集中吸纳中移动(00941.HK)等股份，所以笔者对後市之看法仍较为审慎，预期将继续於29,700至30,000点水平上落。
(笔者为证监会持牌人，持有台积电股份)
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美10年期国债孳息高见1.6厘 忧虑加息升温
耀才证券研究部团队称，隔晚(25日)美股三大指数急挫，市场出现股债齐跌情况，十年期国债孳息率急涨至一年高位，高见1.614厘水平，虽然联储局官员表明不担心债息升势，经济增长前景改善，及通胀预期上升，债息同步上升是适当反应，但投资者预期未来加息机会上升，拖累股市走势。道指最多下跌668点，反映市场恐慌情绪的VIX指数，急飙逾35%，尾段最高飙至31.16。科技股坐挫，纳指最多挫近4%，Facebook(FB.US)、苹果(AAPL.US)、谷歌母公司Alphabet(GOOG.US)、亚马逊(AMZN.US)跌幅逾3%；Tesla(TSLA.US)则急跌8%。近期市况波动，市场认为通胀升温将会迫使联储局加息应对，目前十年期债息升穿1.6厘已超越标普500指数的平均股息率，对股市造成压力，估值较高之科网企业将面临较深调整。
港股於本周波幅异常，恒指於过去五个交易日的日均波幅接近700点水平，而期指波幅於过去两日更接近900点，新旧经济股走势各异，资金轮动势头明显。但整体来说指数每况愈下，本周更出现黄昏之星现象，假设恒指正式跌穿20天线即保力加通道中轴的话，意味大市此轮升浪将会完结，投资者需格外小心。
(笔者为证监会持牌人)~
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