Tuesday, July 07, 2009
Put option sold
Last Thursday I purchased some put warrants (64184) on internet gaming company Tencent (700), paying HK$0.23 per warrant. This morning, BNP Paribas issued a buy recommendation with a price target of HK$100 per share (compared with yesterday's closing price of HK$87.55). While I take broker recommendations with the proverbial grain of salt, I see little point in fighting the market. Accordingly, I closed out my position this morning at HK$0.242 per warrant for a small profit. Net of transaction costs, I cleared enough money to take the family to Macau for a night this weekend.