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一九九三年,香港股市以11888.39点收市,比年初的5437.8点竞升了115.67％,是香港股市有史以来表现最好的一年。承接去年底的好市,恒指在今年开市的第一周,又闯新高,一举突破一万两千点大关,令众投资者叹为观止。然而万二点并没有维持太长时间,1月6日以后,恒指峰转直下,猛跌了七百九十三点,收报11374点,伦敦港股继续下挫,以收市价计折合恒指收报11142点,较香港收市低242点,令两个市场累计跌幅达1035点。随后的一段时间,香港股市升跌反覆,令投资者捉摸不透。若从投机原理分析,这种现象有其合理性;去年底恒指在三个月之内猛升六成以上,已属于超买现象,风险系数很高,同时今年初美国经济开始回升,证券公司根据市场情况随时调整投资策略属正常现象,因此获利后回吐是可以理解的,关键是投资者如何利用这段调整期,重新进入股市。此外,今年恒指的总趋势也是影响投资者决策的依据。
In 1993, the Hong Kong stock market closed at 11,888.39 points, up 115.67% from 5437.8 points at the beginning of the year. Hong Kong’s stock market recorded the best performance ever. To undertake a good market at the end of last year, the Hang Seng Index opened another new high in the first week of opening this year and broke the 12,000-point mark in one fell swoop to make all investors wonder. However, the two did not last too long. After January 6, the Hang Seng Index turned sharply lower, plunging by 793 to 11374 points. London Hong Kong stocks continued to fall, taking HSI closing at the closing price 11142 points, 242 points lower than Hong Kong’s closing price, bringing the total decline of both markets to 1035 points. The ensuing period of time, Hong Kong stock market ups and downs, so that investors can not see through. If the analysis from the speculative principle, this phenomenon has its rationality; last year HSI jumped over 60% within three months, already belong to the overbought phenomenon, the risk coefficient is high, while the U.S. economy started to rebound earlier this year, the securities It is normal for a company to adjust its investment strategy according to the market conditions at any time. Therefore, it is understandable that the take-profit and take-off should be understandable. The key is how investors can use this period of adjustment to re-enter the stock market. In addition, the general trend of HSI this year is also the basis for influencing investors’ decision-making.