Sabtu, 08 Mei 2010

Ichimoku

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Ichimoku Kinko Hyo usually just called ichimoku is a technical analysis method that builds on candlestick charting to improve the accuracy of forecasted price moves. Developed in the 1930s by Goichi Hosoda, a Japanese journalist, he spent thirty years perfecting the technique before releasing his findings to the general public in the late 1960s.[1]

Ichimoku Kinko Hyo translates to 'one glance equilibrium chart' or 'instant look at the balance chart' and is sometimes referred to as 'one glance cloud chart' based on the unique 'clouds' that feature in ichimoku charting.[2]

Ichimoku is a moving average-based trend identification system and because it contains more data points than standard candlestick charts, provides a clearer picture of potential price action[3]. The main difference between how moving averages are plotted in ichimoku as opposed to other methods is that ichimoku's lines are constructed using the 50% point of the highs and lows as opposed to the candle's closing price.

Ichimoku factors in time as an additional element along with the price action, similar to William Delbert Gann's trading ideas.

Popular in Japan, ichimoku is gaining traction in the west through proponents of its charting accuracy such as Lincoln FX and Ichi360.

The key elements of the ichimoku chart
[edit] Tenkan-sen

Tenkan-sen calculation: (highest high + lowest low)/2 for the last 9 periods.

It is primarily used as a signal line and a minor support/resistance line.
[edit] Kijun-sen

Kijun-sen calculation: (highest high + lowest low)/2 for the past 26 periods.

This is a confirmation line, a support/resistance line, and can be used as a trailing stop line.
[edit] Senkou span A

Senkou span A calculation: (Tenkan-sen + kijun-sen)/2 plotted 26 periods ahead.

Also called leading span 1, this line forms one edge of the kumo, or cloud
[edit] Senkou span B

Senkou span B calculation: (highest high + lowest low)/2 calculated over the past 52 time periods and plotted 26 periods ahead.

Also called leading span 2, this line forms the other edge of the kumo.
[edit] Kumo

This is the space between senkou span A and B and is the cloud. The cloud edges identify current and potential future support and resistance points.
[edit] Chikou span

Chikou span calculation: today's closing price projected back 26 days on the chart.

Also called the lagging span it is used as a support/resistance aid.




KOSPI
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Linear graph of the KOSPI, 1980-2008
KOSPI
Hangul 코스피지수
Hanja 코스피指數
Revised Romanization Koseupi jisu
McCune–Reischauer K'osŭp'i chisu

The Korea Composite Stock Price Index or KOSPI (코스피지수) is the index of all common stocks traded on the Stock Market Division—previously, Korea Stock Exchange—of the Korea Exchange. It's the representative stock market index of South Korea, like the Dow Jones Industrial Average or S&P 500 in the U.S.

KOSPI was introduced in 1983 with the base value of 100 as of January 4, 1980. It's calculated based on market capitalization. As of 2007, KOSPI's daily volume is hundreds of millions of shares or (trillions of won).

History

KOSPI (한국종합주가지수 Hanguk jonghap juga jisu) was introduced in 1983, replacing Dow-style KCSPI (Korea Composite Stock Price Index).

For years, KOSPI moved below 1,000, peaking above 1,000 in April 1989, November 1994, and January 2000.

On June 17, 1998, KOSPI recorded its largest one-day percentage gain of 8.50% (23.81 points), recovering from the bottom of the Asian financial crisis.

On September 12, 2001, KOSPI had its largest one-day percentage drop of 12.02% (64.97 points) just after 9/11.

On February 28, 2005, KOSPI closed at 1,011.36. It then plunged to 902.88 until April. But unlike previous bull traps, it kept moving upward breaking the long-standing 1,000 point resistance level.

In November 2005, the index's Korean name was officially changed to Koseupi jisu (코스피지수).

On July 24, 2007, KOSPI broke 2,000 level for the first time. On July 25 it closed at 2,004.22.

On August 20, 2007, the index recovered 93.20 (5.69%), its largest one-day point gain, after the U.S. Federal Reserve lowered the discount rate. Then on October 16, 2008, the index dropped 126.50 (9.44%), after Dow Jones index dropped 7.87%.
[edit] Components

As of October 2007, KOSPI has over 700 components. Top 10 stocks by market capitalization are:

* Samsung Electronics (005930)
* POSCO (005490)
* Hyundai Heavy Industries (009540)
* Kookmin Bank (060000)
* Korea Electric Power (015760)
* Shinhan Financial Group (055550)
* SK Telecom (017670)
* Woori Finance Holdings (053000)
* LG Display (034220)
* Hyundai Motor (005380)

[edit] Other indices

* KOSPI 200, KOSPI 100, and KOSPI 50
* LargeCap, MidCap, and SmallCap indices based on market capitalization
* KOGI corporate governance index
* KODI dividend index
* Industry indices like chemicals, electrical & electronic equipments, transport equipment, or banks.
* KRX 100 and other KRX indices which take into account both stock markets of Korea Exchange (KRX) — Stock Market Division and KOSDAQ Division

[edit] KOSPI 200

The KOSPI 200 index consists of 200 big companies of the Stock Market Division. The base value of 100 was set on January 3, 1990. It has over 70% market value of the KOSPI, and so moves along with the KOSPI index. KOSPI 200 is important because it's listed on futures and option markets and is one of the most actively traded indexes in the world. The KOSPI is calculated as current market capitalization (at the time of comparison) divided by base market capitalization (as of January 4, 1980).

That is: Current index = Current total market cap of constituents × 100 / Base Market Capitalization[1]

Its all-time low is 31.96, reached on June 16, 1998 during the financial crisis. It closed above 200 for the first time on April 24, 2007.
[edit] KRX 100

KRX 100 is the index of 100 companies listed on Korea Exchange, including KOSDAQ's NHN and other big companies. It's meant to replace KOSPI 200 as the key futures index, but has not been very successful to date.
[edit] KRX Derivatives Products

* Stock Index Products: KOSPI 200 Futures, KOSPI 200 Options, STAR Futures

* Individual Equity Products: Individual Equity Futures, Individual Equity Options

* Interest Rate Products: 3 Year Korea Treasury Bond Futures(KTB3), 5 Year Korea Treasury Bond Futures(KTB5), 10 Year Korea Treasury Bond Futures(KTB10), MSB Futures

* Currency Products: USD Futures, USD Options, Japanese Yen Futures, Euro Futures

* Commodity Products: Gold Futures, Lean Hog Futures

[edit] Investment Procedures for Foreigners

To trade futures and options contracts listed on KRX, a foreign investor may designate custodian banks standing proxy) through custodian bank agreement and standing proxy agreement to facilitate operations related to futures and options trading.

A custodian bank as a standing proxy opens accounts at foreign exchange banks and futures companies, deposits and withdrawals investors' money and monitors investors' properties for them. A foreign investor should designate foreign exchange banks through a foreign currency exchange agreement to execute his foreign exchange transactions and transfers. Most foreign exchange banks also do custodian bank and standing proxy operations. A foreign investor should designate securities and futures companies to trade futures and options traded on KRX.

Hang Seng Index
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“Hang Seng” redirects here. For the bank with the same name, see Hang Seng Bank. For all other uses, see Hang Seng (disambiguation).

The Hang Seng Index (abbreviated: HSI, Chinese: 恒生指數) is a freefloat-adjusted market capitalisation-weighted stock market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong. These 45 companies represent about 67% of capitalisation of the Hong Kong Stock Exchange.[citation needed]

HSI was started on November 24, 1969, and is currently compiled and maintained by HSI Services Limited, which is a wholly owned subsidiary of Hang Seng Bank, the largest bank registered and listed in Hong Kong in terms of market capitalisation. It is responsible for compiling, publishing and managing the Hang Seng Index and a range of other stock indexes, such as Hang Seng China AH Index Series, Hang Seng China Enterprises Index, Hang Seng China H-Financials Index, Hang Seng Composite Index Series, Hang Seng Freefloat Index Series and Hang Seng Total Return Index Series.

Statistics

When the Hang Seng Index was first published, its base of 100 points was set equivalent to the stocks' total value as of the market close on July 31, 1964. Its all-time low is 58.61 points, reached retroactively on August 31, 1967, after the base value was established but before the publication of the index. The Hang Seng passed the 10,000 point milestone for the first time in its history on December 10, 1993 and, 13 years later, passed the 20,000 point milestone on December 28, 2006. In less than 10 months, it passed the 30,000 point milestone on October 18, 2007. Its all-time high, set on October 30, 2007, was 31,958.41 points during trading and 31,638.22 points at closing. From October 30, 2007 through March 9, 2008, the index lost 9,426 points or approximately 30%. On September 5, it fell past the 20,000 mark the first time in almost a year to a low of 19,708.39, later closing at 19,933.28. On October 8, 2008, the index closed at 15,431.73, over 50% less than the all-time high and the lowest closing value in over two years. On October 27, 2008, the index fell to 10,676.29 points, having fallen nearly two-thirds from its all-time peak.But stocks passed the 20,000 point milestone again to 20,063.93 on 24 July 2009.
[edit] Components

On January 2, 1985, four sub-indices were established in order to make the index clearer and to classify constituent stocks into four distinct sectors. There are 42 HSI constituent stocks in total. As of June 8, 2009, they are:

Hang Seng Finance Sub-index

* 0005 HSBC Holdings plc
* 0011 Hang Seng Bank Ltd
* 0023 Bank of East Asia, Ltd
* 0388 HKEx Limited
* 0939 China Construction Bank
* 1398 Industrial and Commercial Bank of China
* 2318 Ping An Insurance
* 2388 BOC Hong Kong (Holdings) Ltd
* 2628 China Life
* 3328 Bank of Communications Ltd
* 3988 Bank of China Ltd

Hang Seng Utilities Sub-index

* 0002 CLP Holdings Ltd
* 0003 Hong Kong and China Gas Company Limited
* 0006 Hong Kong Electric Holdings Ltd
* 0836 Chinese Resource Power

Hang Seng Properties Sub-index

* 0001 Cheung Kong (Holdings) Ltd
* 0012 Henderson Land Development Co. Ltd
* 0016 Sun Hung Kai Properties Ltd
* 0083 Sino Land Co Ltd
* 0101 Hang Lung Properties Ltd
* 0688 China Overseas Land & Investment Limited

Hang Seng Commerce & Industry Sub-index

* 0004 Wharf (Holdings) Ltd
* 0013 Hutchison Whampoa Ltd
* 0017 New World Development Co. Ltd.
* 0019 Swire Pacific Ltd 'A'
* 0066 MTR Corporation Ltd
* 0144 China Merchants Holdings (International) Co Ltd
* 0267 CITIC Pacific Ltd
* 0291 China Resources Enterprise, Ltd
* 0293 Cathay Pacific Airways Ltd
* 0330 Esprit Holdings Ltd
* 0386 Sinopec Corp
* 0494 Li & Fung Ltd
* 0700 Tencent Holdings Limited
* 0762 China Unicom Ltd
* 0857 PetroChina Company Limited
* 0883 CNOOC Ltd
* 0941 China Mobile Ltd
* 1088 China Shenhua Energy Company Limited
* 1199 COSCO Pacific Ltd
* 2038 Foxconn International Holdings Ltd
* 2600 Aluminum Corporation of China Limited (Chalco)

In the future, the number of constituent stocks will be increased to 50 in order to reflect the changes in the Hong Kong stock market and to maintain the index as the most representative market benchmark.

The Hang Seng Composite Index Series (恒生綜合指數) was launched on October 3, 2001, targeting on providing a broad standard of the performance of the Hong Kong stock market. Comprising the top 200 listed companies in terms of market capitalisation, it is composed of the geographical series and the industry series. The market capitalisation of these companies accounts for about 97% of the total capitalisation of the stocks in Hong Kong. To ensure fairness in its activities, the HSI Services established the Independent Advisory Committee to give advice on issues pertaining to the indexes. The Committee keeps reviewing the constituent stocks of HSI on a quarterly basis. Usual changes are actually expected.
[edit] Hang Seng Industry Classification System

Hang Seng Industry Classification System (formerly called Hang Seng Stock Classification System) is a comprehensive system designed for the Hong Kong stock market by HSI Services Limited. It reflects the stock performance in different sectors. It caters for the unique characteristics of the Hong Kong stock market and maintains the international compatibility with a mapping to international industry classification systems.

General classification guidelines:

i) The sales revenue arising from each business area of a company is the primary parameter of stock classification, and the net profit will also be taken into consideration to determine whether that company's business runs well.

ii) A company will be classified into different sectors according to its majority source of sales revenue.

iii) Re-classification of a stock's Industry Sector will occur once the company's business has undergone a major change, such as, substantial merger or acquisition.

Industry sectors:

* Energy (能源業)
* Materials (源材料業)
* Industrial Goods (工業製品業)
* Consumer Goods (消費品製造業)
* Services (服務業)
* Telecommunications (電訊業)
* Utilities (公共事業)
* Financials (金融業)
* Properties & Construction (地產建築業)
* Information Technology (資訊科技業)
* Conglomerates (綜合企業)

Source of information

The classification of each stock is based on the information available to the public, for examples the annual reports and company announcements.
[edit] Selection criteria for the HSI constituent stocks

HSI constituent stocks are selected with the use of extensive analysis, together with external consultation. To be qualified for selection, a company:

* must be among those that comprise top 90% of the total market value of all ordinary shares;
* must be among those that comprise top 90% of the total turnover on the Stock Exchange of Hong Kong Limited "SEHK" (香港交易所);
* should have a listing history of 24 months or meet the requirements of the following Guidelines:

Guidelines for Handling Large-cap Stocks Listed for Less than 24 Months

For a newly listed large-cap stock, the minimum listing time required for inclusion in the stock universe for the HSI review is as follows:
Average MV Rank at Time of Review Minimum Listing History
Top 5 3 Months
6–15 3 Months
16–20 12 Months
21–25 18 Months
Below 25 24 Months

Among the eligible candidates, final selections are based on their:

* market capitalisation and turnover rankings;
* representation of the respective sub-sectors within HSI; and
* financial performance.

[edit] Calculation formula for HSI

The current Hang Seng Index is calculated from this formula:

\textrm{Current~Index}= \frac{\sum\textrm{[}\textrm{P(t)}\times\textrm{IS}\times\textrm{FAF}\times\textrm{CF}\textrm{]}}{\sum\textrm{[}\textrm{P(t-1)}\times\textrm{IS}\times\textrm{FAF}\times\textrm{CF}\textrm{]}} \times \textrm{Yesterday's~Closing~Index}.

Descriptions on parameters:

* P(t):Current Price at Day t
* P(t-1):Closing Price at Day (t-1)
* IS:Issued Shares
* FAF:Freefloat-adjusted Factor, which is between 0 and 1, adjusted every six months
* CF:Cap Factor, which is between 0 and 1, adjusted every six months

[edit] Daily reports for HSI

Investors in Asian markets monitor the following reports for investment activities:

* Hang Seng Indexes Daily Bulletin
* Hang Seng Index (HSI) Constituent Stocks Performance
* Index Performance Summary
* Total Return Index Series Daily Bulletin

[edit] Representativeness of the HSI

The representativeness of the HSI can be studied by the turnover of the whole stock market and by how much its market capitalisation covers. The aggregate market value of the HSI constituent stocks is maintained at approximately 70% of the total market value. This coverage ratio is a positive sign when compared with major overseas stock indices.
[edit] Other related Hang Seng stock indexes

* Hang Seng China AH Index Series (恒生AH指數系列)
* Hang Seng China Enterprises Index (恒生中國企業指數)
* Hang Seng China H-Financials Index (恒生中國H股金融行業指數)
* Hang Seng Composite Index Series (恒生綜合指數系列)
* Hang Seng Freefloat Index Series (恒指流通指數系列)
* Hang Seng Total Return Index Series (恒生股息累計指數系列)
* Hang Seng Composite Industry Indexes (恒生綜合行業指數)


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SSE Composite Index
From Wikipedia, the free encyclopedia
(Redirected from Shanghai Composite Index)

Weighting and calculation

SSE Indices are all calculated using a Paasche weighted composite price index formula. This means that the index is based on a base period on a specific base day for its calculation. The base day for SSE Composite Index is December 19, 1990, and the base period is the total market capitalization of all stocks of that day. The Base Value is 100. The index was launched on July 15, 1991.

* The formula is:

Current index = Current total market cap of constituents × Base Value / Base Period

Total market capitalization = ∑ (price × shares issued)

* The B share stocks are generally denominated in US dollars for calculation purposes. For calculation of other indices, B share stock prices are converted to RMB at the applicable exchange rate (the middle price of US dollar on the last trading day of each week) at China Foreign Exchange Trading Center and then published by the exchange.

[edit] Constituents

The full list of all constituent stocks can be found at SSE or at Yahoo! Finance. The top 50 by market cap are listed below. See also [1].

* Air China
* Aluminum Corporation of China
* Bank of China
* Bank of Communications
* Baoshan Iron & Steel
* Beijing Gehua CATV Network
* Beijing North Star
* China Citic Bank
* China Life Insurance
* China Merchants Bank
* China Merchants Energy Shipping
* China Minsheng Banking
* China Petroleum & Chemical
* China Shipping Development Company
* China United Telecommunications Corporation
* China Yangtze Power
* Citic Securities
* Daqin Railway
* Founder Technology Group
* GD Power Development
* Guangshen Railway Company
* Handan Iron & Steel
* Hua Xia Bank
* Huaneng Power International
* Industrial and Commercial Bank of China
* Industrial Bank
* Inner Mongolia BaoTou Steel Union
* Inner Mongolia Yili Industrial Group
* Jiangxi Copper
* Jiangxi Ganyue Expressway
* Kweichow moutai
* Long March Launch Vehicle Technology
* Offshore Oil Engineering
* Orient Group
* Ping An Insurance
* Poly Real Estate Group
* Shanghai Automotive
* Shanghai International Airport
* Shanghai International Port (Group)
* Shanghai Oriental Pearl
* Shanghai Petrochemical
* Shanghai Pudong Development Bank
* Shanghai Zhenhua Port Machinery
* Shenergy Company
* Sichuan Hongda
* Tianjin Port
* Tsinghua Tongfang
* Wuhan Iron and Steel
* Yantai Wanhua Polyurethanes
* Youngor Group


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