Isivumelwano esifinyelelwe ekulungisweni kwezabelozimali ezijwayelekile zikahulumeni samukelwe kabi kakhulu izimakethe zezimali eSpain. Lapho inothi elivelele kakhulu kube ukuwa kwenkomba ekhethiwe yemakethe yamasheya yaseSpain, i-Ibex 35, esevele iwele ngaphansi kwezinga lezengqondo le Amaphuzu we-9.000 ngezikhathi ezimbili nje zokuhweba. Ngokuqondile, lehle lafika kumaphoyinti angama-8.867 ezingeni elingakaze libonwe kusukela ngo-2016. Cishe u-5% wokulinganiswa kwawo ushiywe ezinsukwini ezimbili, ngomkhuba wokuthengisa obekwe ngokusobala kakhulu ekuthengeni izikhundla.
Amandla alokhu kwehla abe sezingeni lokuthi kube yisikhathi eside ngingaboni umfutho wokuthengisa emapaki esizwe. Kuzo zonke imikhakha yemakethe yamasheya, yize kube yiwona izinkampani zikagesi futhi amabhange athole isijeziso esikhulu kunazo zonke, ngokuncipha kwentengo yawo efinyelela ku-4 kwamanye amanani afanele kakhulu e-Ibex 35. Ingcindezi yokuthengisa ibinamandla kakhulu kangangokuthi ibikhona namanje kulokho okwakwenzeka ezinye izimakethe ze imali engenayo kusuka ezwenikazi elidala, lapho ukuthenga kwakukhona khona, yize kwakunamahloni kakhulu.
Lokhu kwehla kwezimakethe zamasheya zaseSpain kukhiqizwa ngenxa yokwamukelwa okungekuhle Izabelomali Zikahulumeni Jikelele ezibe nazo ngabasebenzeli abehlukene bezomnotho. Izinyathelo eziningi ezihlelwe yisikhulu sePedro Sánchez azibathandi nhlobo abatshalizimali futhi zithathe isinqumo sokuhlehlisa izikhundla ngamandla amakhulu. Ngakolunye uhlangothi, bacabanga ukuthi bangaba njalo kuyalimaza ngekusasa lomnotho waseSpain njengoba libangela ukusetshenziswa kwemali ngaphezu kokunye ukucatshangelwa.
Izabelomali: izindleko eziningi
Okunye ukutolika izimakethe zezimali ezikushoyo ukuthi bakhiqiza imali esetshenzisiwe yomphakathi ephezulu kakhulu engasiza i izikweletu zama-akhawunti omphakathi ube mdala kusukela manje. Ngisho nezinkampani ezilimazayo ezibalwe ku-Ibex 35 ezinganciphisa inzuzo yazo eminyakeni ezayo. Yebo, yonke le miphumela isivele yehlisiwe emakethe yamasheya kazwelonke, futhi ukwehla kungenziwa kuqhubeke kumaseshini alandelayo okuhweba. Ngokusikwa okungaholela enkombeni ekhethiwe ukuhlola izinga elibalulekile lamaphoyinti angama-8.000.
Kuze kube manje kulo nyaka, i-Ibex 35 isivele ishiye amanani ayo ayi-11%, kulokho osekube ngenye yezimakethe zezimali ezishayeke kakhulu kulesi sikhathi. Ngakolunye uhlangothi, akunakukhohlwa noma ukuthi isikhwama sinohlaka ku kwehle kusukela kuleli hlobo eliqondile. Lapho ukuwa bekuqhubeka khona futhi kungabi khona ukusabela okuvela kubatshalizimali. Ngalesi simo esiyingozi kakhulu ezimakethe zamasheya zikazwelonke, into enhle kakhulu kubatshali zimali abancane nabaphakathi ukuthi baphume kunoma yisiphi isikhundla ezimakethe zezimali.
UVarapalo ezinkampanini zikagesi
Akungabazeki ukuthi izinkampani zikagesi yizona ezithinteka kakhulu kulokhu kwehla okukhulu ezimakethe zezimali. Isibonelo esicacile salo mkhuba kube yilokho Qeda okungaphezulu kuka-8% sekusele ezinsukwini ezimbili nje. Okufanayo kuye kwenzeka ngo-Iberdrola noma u-Enagás, ukubala izibonelo ezimbili nje. Isizathu salokhu kuhamba okunodlame kungenxa yokuthi kunezinyathelo kuZabelomali Zombuso Jikelele ezilimaza kakhulu izintshisekelo zazo. Ukufika ezingeni lokuthi kuzofanele bakhokhe intela ethe xaxa. Isizathu esanele ngokwanele sokusika inani lamanani abo ngobudlova obukhethekile.
Ingcindezi yokuthengisa ezinkampanini zikagesi ibinkulu kangangokuba kulezi zinsuku zilahlekile, kepha yimali eningi kulokhu kuhamba kwemakethe yamasheya. Lapho abalamuli bezezimali sebememezele khona ukuthi kungenzeka yehlisa inani lentengo yalezi zinkampani ngakho-ke kuzoholela ekulungisweni okumakwe kakhulu entengweni yamasheya alezi zinkampani. Hhayi ngeze, futhi njengesibonelo, u-Endesa uhambe ngezikhathi ezimbalwa zemakethe yamasheya kusuka ekuhwebeni ama-euro angama-19 kuya kwangama-15 futhi kwenzeka okufanayo ezinkampanini ezikulo mkhakha obalulekile wemakethe yamasheya.
Intela entsha yokusebenza
Esinye isilinganiso leso abakuthandanga akunjalo ezimakethe zezezimali futhi ezifakiwe kuZabelomali Zombuso Jikelele yilezo ezikhuluma ngokuhlawuliswa kokunyakaza ezimakethe zamasheya. Ngokusetshenziswa kwentela engu-0,3% ekuthengeni amasheya emakethe yamasheya. Kuyindlela yokuqoqa esuselwa kuTobin owaziwayo futhi inhloso yayo ukuthola ukusondela ezigidini eziyinkulungwane ngaphakathi kwezabelomali ezijwayelekile. Kodwa-ke, ama-IPO, ukuvalwa kwemali kwabenzi bezimakethe, amabhondi aguqulwa abe amasheya noma okuphuma kuzokhishwa kule nkokhelo.
Ngamanye amagama, kuzobiza abatshalizimali umzamo owengeziwe wezomnotho ukuvula izikhundla ezimakethe zezimali. Njengomphumela walo mkhuba, kunengqondo ukuthi kusukela ngaleso sikhathi kuqhubeke ekusetshenzisweni kwayo, abatshalizimali abancane nabaphakathi bazohoxa ekwenzeni imisebenzi kulesi sigaba sempahla yezezimali. Kuze kube seqophelweni lokuthi zizobiza kakhulu kusuka manje. Ngokunengqondo, kunengqondo ukucabanga ukuthi ukusebenza kwabo emakethe yamasheya kuzokwehla futhi ngenxa yalesi sizathu izimakethe zehlise lesi silinganiso esisetshenziswa eSpain.
Ukwesaba ukwanda kwezikweletu
Ububi obuyimbangela yalezi zinyathelo kusekukholweni kwezimakethe zezezimali ukuthi amanethiwekhi amaningi omphakathi angadala okukhulu izikweletu emnothweni wezwe lakithi. Lokhu kusho ukuthi ingxenye enhle yabatshalizimali iyahoxiswa ukwenza noma yikuphi ukusebenza emakethe yamasheya noma okungenani izame ukuhlehlisa izikhundla ezimakethe zamasheya zaseSpain. Ngakho-ke, kungesinye isizathu sokubhekisisa ukuchaza ukuwa okuphawulekayo kwe-Ibex 35 nezinye izinkomba zesekondari. Futhi umphumela kube ukugeleza kwemali enkulu evela emapaki abhalwe ohlwini, ngaphezu kwalokhu okwenzeka emalini yezwekazi elidala.
Lesi simo sikhathazeka ngokweqile ngenxa yamafu amnyama alenga phezu komnotho ezingeni lomhlaba jikelele. Lapho i- inzuzo yenkampani kuncane futhi kuncane ngemuva kwemiphumela yokugcina eyethulwe yibo. Ngalokho, ukusetshenziswa kwemali ngokweqile kuzabelomali kungakhuphula izinga lesikweletu futhi kungakhuphukela emazingeni akhathazayo impela. Kunoma ikuphi, esinye sezizathu ezibalulekile ezichaza ukuwa emakethe yamasheya ngalezi zinsuku. Futhi lokho kungagcizelelwa ezinsukwini noma emasontweni azayo.
Ingahamba ibanga elingakanani i-Ibex 35?
Ngemuva kokuthi i-Ibex isidlule umkhawulo wamaphoyinti angama-9.000, abatshalizimali abaningi abancane nabaphakathi bacubungula ukuthi inkomba ekhethiwe kazwelonke ingahamba ibanga elingakanani. Bonke abahlaziyi bayavuma ukuthi ukwesekwa okufanele kunamaphuzu angama-8.800. Kepha uma futhi kudluliwe ekudleni kwayo phansi, ibhentshi elilandelayo lizotholakala ekuvinjelweni kwengqondo kwamaphoyinti angama-8.000. Kuzoba esinye sezihluthulelo zokumisa i- ukuthengisa i-sangria noma okuphambene nalokho, landela ngezansi kwikhotheshini yakho.
Ngalesi sizathu-ke sekuyisikhathi sokuphuma ezimakethe zezimali. Ngoba kukhulu kakhulu ongakwenza ukulahlekelwa kunokuzuza futhi-ke lesi akusona isikhathi sezilingo, ingasaphathwa eyemali. Imakethe yamasheya ingesinye sezikhathi zayo ezibucayi kakhulu eminyakeni yamuva futhi ayithandi ukuzama ukusebenza emakethe yamasheya. Akukho okunye okuqhubekayo kusuka eqinisweni njengoba i-Ibex 35 iwa kancane kancane, yize i-arreón ngezikhathi ezithile ngamandla okuhamba kuya phansi. Njengeqiniso lokwenzekayo ezimakethe zezezimali futhi ikakhulukazi lezo zezwe lethu.
Izexwayiso ze-CNMV
Akumangalisi ukuthi maqondana nezinga lokusebenza kwemali engenayo eguquguqukayo, iNational Securities Market Commission (CNMV) ibiphikisana jezisa abatshalizimali. Ngakho-ke, akumangazi ukusabela kwalaba abesaba ukuphuma okukhulu ngabasindisi bangaphandle kanye nezimali zokutshala imali ngokwabo ezilawula izinkulungwane kanye nezigidigidi zama-euro ukubayisa kulezi zimakethe. Esinye futhi isizathu sokuthi ube semalini emasontweni ambalwa ezayo. Yize isinqumo ekugcineni sizoncika kuwe kuphela.
Ngakolunye uhlangothi, konke kubonakala kukhombisa ukuthi ukuthambekela phansi emakethe yamasheya kuzoqhubeka, ngubani owaziyo ukuthi zingaki izinyanga. Ngoba konke kubonakala kukhombisa ukuthi ukuthambekela kusuka manje kuzoba phansi ngokusobala. Ikakhulukazi uma ukwesekwa kwamaphoyinti angama-8.800 esikhulume ngawo ngaphambili kudluliwe. Kuzoba isikhathi sokuzikhipha ohlwini kunoma yiluphi uhlobo lokuhweba ngamasheya. Awukwazi ukukhohlwa ukuthi uneminye imikhiqizo yokonga lapho ungenza khona ukuthi imali yakho izuze kusuka manje. Njengeqiniso lokwenzekayo ezimakethe zezezimali futhi ikakhulukazi lezo zezwe lethu.