당국 대책 뒤 일주일 ‘단일종목 레버리지 광풍’ 잠잠…빚투도 4조원 줄어

A nationwide crackdown on single-stock leverage products has led to a significant decline in trading volumes, with overall leverage ETF and stock index fund markets shrinking after just one week. The "leverage storm" appears to have subsided to some extent, as indicated by the data. According to a recent analysis of the Korea Exchange's daily ETF prices, the combined trading revenue of 16 single-stock leverage products (including inverse 2x products that track indices) was 8452 billion won as of September 9th.

This decline came one week after the government's action to raise the basic margin for single-stock leverage products from 100 million won to 300 million won on September 31st. The trading volume of single-stock leverage products decreased sharply compared to the previous day, falling to 12.4485 trillion won, compared to 12.485 billion won on the trading day before the measure took effect on September 30th.

While other types of leverage ETFs also experienced a reduction in trading volume, the magnitude of the decline was more pronounced. The trading revenue of other types of leverage ETFs, which track various underlying assets, dropped to 2.9419 trillion won, a reduction of only 1 trillion won from September 30th's 3.605 trillion won.

It can be inferred that the regulatory effect has led to a reduction in the preference for domestic investors' stock market leverage, particularly for single-stock leverage products. The "credit spread indicator," which is often referred to as a "South Korean form of fear index," has also decreased slightly, maintaining its level of 27-28 trillion won since the government's measures took effect on September 31st, which is lower than the level of 32 trillion won on September 30th.

The Covi200 volatility index, often dubbed "the South Korean fear index," rose to a maximum of 96.94 in mid-June when the Korean stock market was experiencing severe volatility. However, it has since fallen to 75.59, similar to the level at the beginning of June. However, the domestic stock market's characteristics, with Samsung Electronics and E-sungai High-tech accounting for nearly half of the total market value, mean that volatility due to global semiconductor outlooks continues.

Samsung Electronics saw a 12% drop during the same period, while E-sungai High-tech plummeted 17%. The Kosepi fell by 5% from September 30th to seven days later, and the KOSI-ADR (100 or more means it's an upward trend) rose 11% over the same period, indicating that the stock market is in a bullish phase. Analysts at the Nongdol Gil Shinhan Investment Trust Research Institute stated that "while the concentration of a few stocks has eased due to the implementation of the single-stock leverage measures, the volatility will still be positively correlated with the downside."

Analyst at Igremin Securities Research Institute predicts that "if the semiconductor supply imbalance continues and the semiconductor becomes the dominant force again, the underperforming and lesser-known companies may experience a rise in share prices."