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Stock index futures investment strategy has a lot of kinds, but basically is to reduce or avoid speculation, risk categories.
For those who seek the market risk, stock index futures provides high risk. One strategy is to use simple speculation in the stock index futures market trend forecast at a profit. If market price is expected back, investors and futures purchase price of futures contracts would rise, relative to invest in stocks, the lower transaction costs and high leverage that stock index futures more attractive to investors. They also consider buying in the trade of the contract or invest in hang seng index futures contract or classification.
Another more conservative speculative method is to use the difference between two indices to set Deng, if the investor is expected to rise, but real estate consensus to reduce risk of market, they can use property classification index and the hang seng index to set Deng, holding property good storehouse and hang seng index to set Deng pale storehouse.
A similar method using the same index but also in different contract to achieve. Usually in the market of the reaction is relatively short-term contracts and index for large. If you believe that the market will increase index speculator but unwilling to bear the consequences of error estimation, he can buy and sell forward contracts appear on contracts. But should notice forward contracts may be weak and trading opportunities with low risk of cash.
Using the different index for diversification, can reduce risk but also reduce the rate of return. A conservative investment strategy, and the result is likely to completely avoid the risk in any return not.
Stock index futures as hedge stock portfolio risk, which is the price risk hedge can be transferred from the hedge speculators. This is a kind of futures market economy function. To hedge is to use futures to fixed value of stock portfolio investors. If in the portfolio of stock price rises fall with changes in the prices of the party, the investment losses by the other party can profit to hedge. If the gains and losses, which was fully equal to hedge hedge. In the stock index futures markets, hedge can bring the risk-free rate of return.
In fact, the hedge and not so easy, If you want to reach the hedge, their stock portfolio returns to complete such as stock index futures contract rate of return.
Therefore, the utility of the following factors hedge decision:
(1) the return on equity portfolio investment and stock market fluctuations of futures contracts, the relationship between the returns on equity refers to the combination of risk factor (beta).
(2) the spot price index futures price gap, and the gap is basis. In the basis of the hedge, large or small, is likely to change, if (it is common basis), and may not appear, the basis of the complete hedge, the chance of completely hedge.
Now and not for any stock futures contracts, offer the current market provides is designated the stock index futures. The stock portfolio investors holding the price gap with index and basis of the changes will affect the success rate is the hedge.
There are basically two kinds of hedging transactions: input (sell) hedge and soak into (purchase) hedge.
A hedge is used to ensure the stock prices. In this class, under the hedge hedge selling futures contracts, this will be the future cash price and the fixed price risk from the stock portfolio transferred to hold the futures contract buyers.
For a hedge situation of stock market investors expect will fall, but investors sell hand held regardless of stock, They can sell stock index futures to compensate for the loss of expected holding stocks.
Buying hedge is used to ensure the future purchasing stock portfolio price changes. In this class, under the hedge hedge bought the futures contract), such as the fund manager predict market will increase, so he bought stocks hope, But if the funds to purchase shares as to supply, he immediately may purchase index futures, when there is enough fund sell this when it bought stock futures and futures income will be offset by higher prices of shares bought cost.