预警信号重现，韩股对冲指标触及历史阈值

Odaily Planet Daily News The open interest of put options on South Korea's Kospi 200 index has recently surged sharply relative to call options, now approaching levels that have previously signaled market declines. As of the last trading day's close, the ratio of protective put options for hedging downside risk to speculative call options has neared 2.5 times, hitting a five-year high. This indicator has only crossed that threshold a few times before.

After the ratio broke above 2.5 in July 2007, the Kospi 200 index fell nearly 17% over the following month. When it crossed that level again in January 2021, the index dropped more than 5% within three weeks. The previous strong rally in South Korean stocks has begun to lose momentum. Investors are becoming increasingly cautious about AI-related stocks, mainly due to concerns that persistent inflation could force interest rates to remain higher for longer.

Arun Singh, CEO of Indicus Capital, stated that the change in the put-call ratio further indicates that the global momentum trading wave is cooling, and South Korean stocks had deeply participated in this momentum rally. Even at the current level, it is reasonable to hedge and protect existing gains, especially against the backdrop of interest rate and inflation expectations being repriced. (Jin Shi)