The so-called call auction refers to the time specified by the exchange (stock 09: 15 ~ 09: 25, commodity futures 08: 55 ~ 08: 59, stock index futures 09: 10 ~ 09: 14), when all investors' orders or commissions are entered into the quotation system. However, at the end of the trading time (09: 25 ~ 09: 30), each stock or futures contract will take the trading price set by the exchange as the opening price of the stock, and at the same time, the list that can be closed can be matched to the maximum extent at this price.
Generally speaking, the closing principle of continuous bidding is: the first price takes precedence, and the second price takes precedence. In call auction, the trading principle is: the top 10% of the shares with the largest trading volume are given priority, the second price is given priority, and the third time is given priority. To put it simply, bidding auction "offers first, then matches, then closes", while continuous bidding is "offers, matches and closes". Learn to analyze the daily limit trend of stocks and let you gallop the stock market.
The significance of call auction daily limit test;
First of all, it seems that the stock has been suspended from trading, but many retail investors are not aware of this. At this point, the main trading test is conducted five minutes before the bidding, with the purpose of luring retail investors and allowing unsuspecting retail investors to bid at the bidding time or after the opening.
Second, the stock price rises in the short term, or induces more shipments after the hot money transaction. After the hot money pushed up the share price slightly, it began to test the daily limit, and then the share price continued to rise. At this point, the stock was called to bid to catch up, the main stock canceled orders, and retail investors chased up. The stock opened up sharply, and the main force began to take the opportunity to ship.
Third, the main test follows the trend and pressure. After long-term horizontal trading or long-term decline, the stock price suddenly goes up, which may be the main force to test the sale of a certain part, and retail investors follow suit. When testing, the throwing pressure is light and the chasing is more. Then there is a great possibility that such stocks will rise or even fall on the same day.
The purpose of call auction's limit test:
Cause panic and take the opportunity to wash dishes. After the stock market rose slightly, due to the large number of retail investors and the instability of individual stocks, the main force will use the daily limit test board to wash the dishes, causing retail investors to panic, and then sell individual stocks at the opening.