South Korea’s KOSPI rose as much as 6.2% intraday on Wednesday, taking its gain over the past two trading sessions to nearly 10%. Chipmakers led the move, with SK Hynix up more than 9% at one point and Samsung Electronics gaining over 6%. In a recent report, JPMorgan said roughly 75% of the deleveraging tied to leveraged ETF positions in Korea has already been completed. Data from the Korea Financial Investment Association showed margin balances had fallen to 33.4 trillion won, or about $22.6 billion, as of July 16, down 13% from the peak at the end of June. By Wednesday morning, foreign investors had also turned net buyers of Korean stocks by more than $1 billion, marking the first large-scale return of overseas capital in about a month, according to Bloomberg.
South Korea’s KOSPI rose as much as 6.2% intraday on Wednesday, extending its gain over the past two trading sessions to nearly 10%.
Chip stocks led the advance. SK Hynix climbed more than 9% at one point, while Samsung Electronics gained over 6%.
In its latest report, JPMorgan said about 75% of the deleveraging process tied to leveraged ETF positions in Korea has already been completed.
Data from the Korea Financial Investment Association showed that, as of July 16, margin balances in Korea had fallen to 33.4 trillion won, or about $22.6 billion. That was down 13% from the peak recorded at the end of June.
Bloomberg also reported that by Wednesday morning, foreign investors had become net buyers of more than $1 billion worth of Korean stocks, the first large-scale return of overseas capital in about a month.
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