韩股最动荡阶段或已结束，“去杠杆”后波动率回落至两个月低点

The most turbulent phase of the Korean stock market may have ended, with volatility falling to a two-month low after deleveraging. Odaily News - The most severe phase of the turmoil in South Korea's stock market may be over, as the historic selloff cleared leveraged positions and regulatory restrictions led to a sharp decline in trading of certain high-risk products. Last week, the South Korean stock market volatility index fell to a two-month low, after hitting an all-time high in June. This stabilization was aided by forced liquidations, which helped reduce outstanding margin debt; meanwhile, stricter regulations on leveraged ETFs also reduced trading volumes and asset sizes for products linked to chip giants Samsung Electronics and SK Hynix.

These signs indicate that some of the excess capital in the localized market turbulence, which had been amplified by leverage, has now been cleared. Morgan Stanley estimates that the deleveraging process is more than half complete. The KOSPI index has fallen nearly 40% from its June peak, and global funds have sold over $100 billion worth of South Korean stocks this year, leaving emerging market funds with weakened positions in the country.