Bloomberg: Vấn đề cốt lõi của thị trường chứng khoán Hàn Quốc là sự suy giảm niềm tin của nhà đầu tư

The Huoxing Finance report states that on August 4, Bloomberg columnist Shuli Ren said the core issue facing South Korea’s stock market is not deteriorating corporate fundamentals, but rather the market structure, regulatory policies, and investor confidence being undermined. The report notes that this year, South Korea’s stock market一度 became one of the most popular yet most volatile markets globally, with the KOSPI plunging nearly 40% in just 27 trading days. Despite Samsung Electronics and SK Hynix continuing to benefit from AI chip demand, and the KOSPI’s forward P/E ratio for the next 12 months falling to approximately 5.5x, investors may still choose to avoid the South Korean market. Ren pointed out that one major reason for the extreme volatility in South Korea’s stock market is that regulators previously approved single-stock leveraged ETF products. Because leveraged ETFs require mechanical rebalancing based on market movements—buying more during rallies and selling during declines—they further amplify market fluctuations. According to Goldman Sachs data, during the KOSPI’s peak in June this year, a 5% price swing in SK Hynix could trigger leveraged ETF rebalancing flows accounting for up to 40% of the stock’s daily trading volume. Additionally, the crash has severely impacted South Korean retail investors. Data shows that the most popular leveraged ETF for SK Hynix plunged as much as 84% from its June high, triggering forced liquidations in approximately 360,000 accounts, 62% of which were held by individuals under age 35. Ren believes that while the South Korean government previously promoted capital market reforms to attract retail investment, it failed to adequately control leverage risks during the AI trading frenzy, thereby eroding young investors’ confidence in the domestic market. She stated that the current problem in South Korea’s stock market is not a lack of AI growth opportunities, but rather doubts about market rules, regulatory credibility, and trading stability. If high volatility persists, even as the AI industry continues to thrive, global capital may choose to bypass South Korea’s stock market altogether.