The 34.95 deadline slightly lower than the previous day (35.65)
Focus on the corona 19 victims in the lead stock adjustment
<스트레이트뉴스 장석진 기자> On the 12th following the previous trading day, the volatility-based fear index (VKOSPI) is continuing to rise to the right. While the large-cap stocks that had been leading the market for a while, a detailed plan for the Corona 19 vaccination came out, and the stocks affected by Corona 19, which had fallen significantly, sparked a rebound.
On the 12th, as KOSPI increased its volatility from the previous day, moving between the high of 3154.79 (+0.20%) pt and the low of 3047.56 (-3.20%) pt. . The index closed at 3125.95 (-0.71%) thanks to the inflow of low-priced buying when the KOSPI broke intraday 3050.
On the previous day, individuals net bought 4,492.1 billion won from KOSPI and 86 billion won from KOSDAQ, stopping the joint sale of foreigners and individuals, and led the rebound by net buying 2,3136 billion won and 261.6 billion won respectively from KOSPI and KOSDAQ on the 12th. did.
As volatility increases daily, the VKOSPI index, which is the Korean version of the US Volatility Index (VIX) based on the S&P500 index option, is also rising sharply.
The VKOSPI index has been released since April 13, 2009 in order to effectively manage the risk of market volatility by numerically predicting and effectively managing the risk of market volatility after the Korean Exchange suffered the aftereffects of the 2009 subprime crisis, and to develop related derivatives. In particular, since it has an inverse correlation with the KOSPI200 index, a surge in the index is known as a risk signal for expanding market volatility and is called the’Fear Index’.
An exchange official said, “The volatility index is roughly divided into two categories. The VIX index used by the CVOE (Chicago Options Exchange) is the Black-Scholes method, so there is a limit to measuring overall market volatility using only at-the-money options and there is a possibility of index distortion, but VKOSPI “It is easier to measure overall market volatility by calculating the index using the fair swap method, and it is easy to replicate, so it has characteristics suitable for derivatives management.”
According to the exchange, the VKOSPI index on the previous day ended at 35.65, soaring 22.17% compared to the previous trading day, recording the highest in the last 7 months.
On the 12th, the VKOSPI index recorded 34.95, slightly lower than the previous day, but recorded between 33.81 and 36.57 during the intraday, showing the same volatility as the previous day.
As the volatility of the market increases every day, investors who are investing in debt (investing in debt) centered on 2030 are also anxious. In particular, as the temporary ban on short selling, which has been pointed out as a’cause of increasing market volatility’, has been reopened in March today, it is affirming that the increased index will act as a burden.
Last year, the government accepted the request of individual investors who called for a temporary suspension and extension of short selling through the Blue House petition bulletin board, and the ban on short selling was extended until March 15th. However, as the stock market shows a short-term overheating pattern that exceeds the expectations of experts, and individuals who lead the market appear as individuals, the government is also in the mood to turn the view of concern towards the inability to extend short selling or further extensions.
In a text message on the 12th, the Financial Services Commission said, “The ban on temporary short selling due to Corona 19 is scheduled to end on March 15.” It plans to finish improving the system, such as improving accessibility for short selling.’ It seems to be a measure to crack down on illegal short selling, but expect the net function of short selling to prevent the market from overheating.
On the other hand, while the stocks that were leading the market such as semiconductors, IT, and batteries slowed down on the 12th, the stocks that were hit directly by Corona 19 are showing a stretch of rebound with the announcement of a specific vaccination plan for the vaccine.
Hotel Shilla (+3.91%), Modetour (+5.32%), Shinsegae (4.94%), Lotte Shopping (9.13%), GKL (2.21%), and other related stocks such as travel, lodging, offline shopping, and casinos rebound at once. Caught the eye.
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