The daily limit percentage of futures products is relatively unstable, and the daily limit percentage of different futures exchanges is also different, such as CICC 10% and Zhengshang Institute 5%. Different varieties have different daily limit. If the market is active, the exchange will adjust the daily limit percentage.
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The current price limit system of China's securities market was promulgated on February 2003 1996 13, and implemented on February 26, 2006, aiming at protecting investors' interests, maintaining market stability and further promoting market norms. According to the regulations, except for the first day of listing, the trading price of stocks (including A and B shares) and fund securities in a trading day shall not exceed 10% compared with the closing price of the previous trading day (stocks starting with S, st and s*st shall not exceed 5%), and the entrustment exceeding the price limit shall be invalid.
In order to control over-investment, narrow the fluctuation range and slow down the rate of stock price rise, the management advocates rational investment in the market, inhibits and prevents over-speculation, and thus implements a system to limit stock price rise. Generally speaking, this system has played a role in the market and achieved the original intention when it was established. However, everything has its two sides, and its advantages and disadvantages are unified. The introduction of the daily limit system has both advantages and disadvantages.
1. Bankers and large institutions can easily use the daily limit system for efficient speculation. They are the main force in the market and have unique resource advantages over ordinary retail investors, such as capital, technology, researchers, information and so on. Therefore, they can effectively control the market with the help of the daily limit board in a planned way to achieve their own goals.
2. The daily limit of the stock market is very different from that of the futures market. The futures market takes a two-way approach, which can be short or long. Short-selling mechanism, the strengthening effect of daily limit on one-way trend of stock market is far less than that of futures market. The trading rule adopted in the futures market is T 0, that is, investors can go in and out when the stock price fluctuates on that day, while the trading rule adopted in the stock market is T 1, that is, investors can only go in and out when the stock price fluctuates on that day, which actually increases the function of boosting prices.
3. The daily limit of individual stocks brings the linkage effect of the market. The daily limit of individual stocks may drive the strong reaction of individual stocks in this sector, thus stimulating market sentiment and driving the market to rise. The continuous daily limit of some stocks can easily attract investors' attention, so as to judge that the market continues to rise, which makes the participation enthusiasm of market investors high and drives the whole sector to rise, and its market influence may exceed people's imagination.
4. Small-cap stocks are easy to control because of their small circulation. Bankers can still manipulate small-cap stocks with a small amount of funds to achieve the purpose of controlling the market, and then affect the trend of similar sectors and even the broader market.
5. The daily limit also affects the change of stock trading volume. The decrease in trading volume caused by the daily limit of the stock market does not mean that the number of people who follow the trend is decreasing, but it can reflect that the number of people who operate is increasing, but it is impossible to achieve it because of the limit of the daily limit.