《即日市評》憂瑞信AT1債券危機 恆指守萬九 匯控捱沽
阿思達克 03-20 17:04
瑞銀以30億瑞郎收購瑞信(CS.US)，瑞士金融機構同時將瑞信的160億瑞郎額外一級資本(AT1)債券面值撇賬至零，市場關注金融機構對高風險債券風險敞口，港股今日(20日)受壓。美股道指及納指上周五(17日)各跌1.2%及0.7%；美聯儲局等6大央行透過常設美元互換額度增強流動性，執筆之時，美國10年期債券孳息率跌至3.326厘，美匯指數跌至103.88，道指期貨最新跌295點或0.92%，納指期貨最新跌0.49%。人民幣即期跌166點，收報6.8931兌一美元，上證綜指今日收跌15點或0.48%，收3,234點，深證成指跌0.27%，滬深兩市成交額共近1.058萬億元人民幣。
恆指今早低開165點後跌幅擴大，曾跌689點一度低見18,829點，尾市跌幅略收窄，全日跌517點或近2.7%，收19,000點；國指跌146點或2.2%，收6,469點；恆生科技指數跌109點或2.8%，收3,870點。大市全日成交總額1,294.39億元，滬、深港通南下交易淨流入35.53億及35.48億元人民幣。中資電訊股下滑，中移動(00941.HK)跌3.6%，中電信(00728.HK)跌4.2%。
【金融股捱沽 憂風險敞口】
市場憂瑞信AT1債券危機，關注金融機構對高風險債券風險敞口，本港上市金融股受壓，匯控(00005.HK)股價跌6.2%收50.45元，渣打(02888.HK)挫7.3%，友邦(01299.HK)及保誠(02378.HK)股價各下滑近4.2%及8.3%。金管局指，瑞士信貸銀行股份有限公司香港分行總資產約為1,000億元，佔香港銀行業總資產少於0.5%，本地銀行業對瑞士信貸的風險承擔不大。
摩根士丹利發表發表報告指，亞洲經濟難免受歐美銀行問題拖累，預料增長面臨下行壓力，但緩解因素或意味著亞洲經濟的下行趨勢，在相對基礎上更加溫和。該行指，亞洲增長前景面臨偏下行的風險，若全球金融以非線性方式收緊，或為該地區的增長前景帶來巨大的下行壓力。
【跌股千四隻 消費股走弱】
港股主板市寬轉弱，主板股票的升跌比率為9比34(上日為29比12)，下跌股份1,435隻(跌幅3.3%)；恆指成份股今日1隻股份上升，下跌股份73隻，升跌比率為1比96(上日為87比12)。大市今日錄沽空252億元，佔可沽空股份成交額1,120.8億元的22.5%(上日為18.2%)。
消費股疲弱，李寧(02331.HK)股價跌3.6%報55.6元，同業滔搏(06110.HK)跌4.5%，百威亞太(01876.HK)下滑4.7%。交銀國際下調對李寧投資評級，由「買入」降至「中性」，目標價由87元降至56.9元。該行指李寧管理層預計今年銷售額增長約15%，較上次指引的約20%下降，表明該股長期長前景不那麼有吸引力。
交銀國際指，李寧為中國領先運動服裝品牌，擁有強大管理團隊及前瞻性戰略，但其利潤率改善的故事結束，盈利增長取決收入增長。該行認為李寧需要更多增長引擎，改變單一品牌策略。
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