Why did the stock price go high and low as soon as it opened? What happened to call auction?

There are two bidding methods in China stock market: call auction and continuous bidding. We usually say that the opening time of 9:30- 1 1:30 is continuous bidding, and there has been call auction before. The specific explanation is as follows:

If you can understand the determination of the opening price below, you will know why the gap is high or low.

1, the opening hours of call auction are 9: 15-9: 25 in both Shanghai and Shenzhen stock markets. There are many bids declared in call auction stage, but the time-sharing chart we saw is only virtual, and there is no real deal.

There is only one transaction price in call auction. -This is very important! ! ! This is like first-class peanut oil, the cornerstone of the house, the cpu of the computer, and so on. . .

This price is the opening price. The determination of this transaction price is generally the price that can achieve the maximum transaction. All the buying declarations above this price and the selling declarations below this price are closed, and at least one buyer or seller with the same price is closed.

If you don't understand, let me give you an example:

The declared price and quantity of stock call auction are as follows. The closing price of the previous day was 10: 13:

Buy quantity/hand price sell quantity/hand

- 10.50 100

- 10.40 200

150 10.30 300

150 10.20 500

200 10. 10 200

300 10.00 100

500 9.90 -

600 9.80 -

300 9.70 -

This example may be a bit long, but it is useful to understand it.

Let's look at the price of 10.50. Only sales declaration, no purchase declaration. Then if the transaction is made at this price, the transaction volume is 0.

10.4 is also 0, and so on. The volume at 10.30 is 150 lots. Counting one by one, 10.20 and 10 have the largest volume of 300 lots. . .

After that, it's very important! ! ! Determination of opening price!

The Shanghai Stock Exchange takes the average price of the two prices, namely 10. 15 as the opening price;

The opening price of Shenzhen Stock Exchange is 10. 10.

All right! Well, that's the transition from the virtual opening reference price to the opening price. . . In a word-the opening price is determined according to the virtual opening price, but this price can make the declared call auction stage clinch a deal reach the maximum turnover.

2. What can retail investors do during the buy-back period?

There are also two kinds of retail investors: one is small retail investors and the other is super retail investors. . .

Small retail investors, don't think too much about the impact on the transaction price. . .

If you are a super retail investor and have a lot of tickets in your hand, you can quote a lot of selling prices and a lot of buying prices, and then you can control the opening price if you have an advantage in quantity. But except for stocks with big plates, such as PetroChina and Sinopec, which have more tickets than you, it still won't work.

However, retail investors should not feel too inferior. Call auction sometimes has a great effect on retail investors. Once, I bought a stock called Yuntianhua. One day in call auction from 9: 0015 to 9:25, the quotations of all parties kept falling, so I placed an order directly at some time between 9: 0015-9: 25, and sold it before 9:30 in call auction. Since then, this stock has been falling after the official opening, and it has experienced a long period of plunge and never returned to my selling price. Therefore, retail investors have a good understanding of what is going on in call auction, and call auction still plays an important role in the process of falling or chasing up.

Good luck.