March 2020 Corona Pandemic 69
“Usually it rises when the stock falls
It is unusual to climb the bull market
Evidence that investors are excited”
KOSPI individual 2 trillion won purchase
22P decline in institutional and foreign sales
On the 12th, a dealer in the dealing room of Hana Bank in Myeong-dong, Jung-gu, Seoul, is looking at the annual composite stock index displayed on the monitor. News 1
Although the KOSPI exceeded the 3000 line and continues to strengthen, the KOSPI 200 volatility index (VKOSPI), also known as the’fear index’, reached its highest level in 7 months.
According to the Korea Exchange on the 12th, the previous day’s VKOSPI closed at 36, up 22.17% from the previous trading day. This is the highest in six months since June 18 (37), when global stock markets were adjusted due to concerns about the re-proliferation of the novel coronavirus infection (Corona 19).
VKOSPI is an index that measures the expected volatility of the future market reflected in option prices. It is also called the so-called’fear index’ because it has the characteristic of soaring when the stock index falls sharply.
The highest volatility index of this year was the Corona 19 pandemic.
Although the volatility index generally rises in a bearish market, the VKOSPI showed a sharp rise in the new year when the KOSPI rose. VKOSPI, which was 22 on December 30 at the end of last year, surged 12.31% on January 4, the first trading day of the new year, and rose 61.39% for a total of six trading days until the day before.
During the same period, the KOSPI broke the 3000 line from 2873.47 and rose 9.6% to 3148.45. In addition, the previous day, the KOSPI continued to fluctuate during the intraday and ended weakly, but the rise of VKOSPI increased.
Experts said it was very unusual for the volatility index to rise in a bull market. It also means that the rate of recent share price rise is steep outside of common sense.
Samsung Securities researcher Jeon Gyun said, “As the call option was overvalued as speculative purchases of call options continued in anticipation of an additional rise, the volatility reflected in the option price was high as the put option price did not decrease due to the expectation of adjustment.” “VKOSPI usually pops up when the stock price falls, but the recent situation is a very peculiar phenomenon,” he added. “It shows that investors in the recent market are so excited.”
On this day, KOSPI closed the transaction at 3125.93, down 22.52 points (0.72%) from the previous trading day. The index started at 3145.87, down 2.58 points (0.08%) from the previous trading day, once fell more than 2%, down to 3047.56, and partially compensated for the decline.
Most of the large-cap stocks that have led the recent KOSPI rise, such as Samsung Electronics (-0.44%), SK Hynix (-3.01%), Hyundai Motors (-2.43%), LG Chemicals (-3.61%), and Samsung Biologics (-3.31%), have a large scale. Fell into.
In the securities market, individual investors bought 2,3129 billion won worth of stocks and continued their buying trend. Foreigners and institutions net sold 6276 billion won and 1.72 trillion won respectively.
Seo Sang-young, a researcher at Kiwoom Securities, said, “Investment sentiment has declined greatly as there were overwhelming declines in the previous day.” Analyzed.
The KOSDAQ closed at 973.72, down 2.91 points (0.30%) from the previous trading day. On the KOSDAQ, an individual net bought 2603 billion won. Foreigners and institutions net sold 87.8 billion won and 153.7 billion won, respectively.
Reporter Beomsoo Kim [email protected]
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