"한국 못 믿어!" 발 빼는 중국 '큰 손'..한국 증시 '손절' 신호에 '초긴장' (자막뉴스) / SBS

A major Chinese securities firm, which was the only entity in mainland China to handle market-making for Korean exchange-traded funds (ETFs), has suspended related operations. This measure comes as the Chinese government steps in to stabilize the capital market and protect retail investors amidst increasing volatility in the Korean stock market. According to the South China Morning Post, China Merchants Securities disclosed to the Shanghai Stock Exchange that it has ceased its role as a liquidity provider for the "Hutai-Finbridge China-Korea Semiconductor ETF." This comes just one month after the firm took on the role on the 17th of last month. The withdrawal occurred amidst severe volatility in the Korean stock market recently. Li Yiming, a senior manager and research analyst at Morningstar, analyzed that "market makers were exposed to sharp price fluctuations and liquidity constraints due to time differences and currency risks associated with cross-border arbitrage." Yesterday afternoon, the Korean investment ETF in question approached its daily limit of a 10% rise in China. Trading volume reached a record high of 23 billion yuan, equivalent to approximately 5 trillion won, and to prevent overheating, the Shanghai Stock Exchange suspended morning trading at least 55 times this year. The fund manager, Hutai-Finbridge, also issued over 100 risk warnings. Analyst Li pointed out that if the number of active market makers decreases, the volatility of premiums and discounts relative to the net asset value of ETFs could increase. China Merchants Securities also suspended market-making operations for five Qualified Domestic Institutional Investor (QDII) products linked to the Japanese Nikkei 225 and the U.S. Nasdaq 100 indices. These fund products are part of a system that allows approved institutions to invest overseas within limits set by regulatory authorities. In South Korea, the KOSPI index surged 116% from around 4,224 at the beginning of this year to an all-time high of 9,385.59 on the 19th of last month. Subsequently, on the 20th, the index plummeted by over 28% to 6,516.27, triggering 8 circuit breakers and 37 sidecars during the process. The KOSPI continues to experience sharp fluctuations day after day; since last May, the average daily volatility has exceeded 400 points, showing more severe fluctuations than the US Nasdaq. In particular, on the 23rd of last month, it swayed by nearly 1,000 points in a single day, marking the largest daily volatility in history. It is analyzed that volatility has increased further due to the launch of single-stock leverage products for Samsung Electronics and SK Hynix. (Reporting: Kim Min-jeong, Video Editing: Kim Bok-hyeong, Design: Lee Jeong-ju, Production: Digital News Department) #SBSNews #News #Realtime Copyright Ⓒ SBS. All rights reserved. Unauthorized reproduction, redistribution, and use for AI learning are prohibited.