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[경제] (FT) South Korean regulators vow to curb ‘theme stocks’ craze2023.10.10 PM 08:29
파이낸셜 타임스 기사 요약 (ChatGPT)
한국의 금융 규제당국은 단기 투기, 특히 기술 혁신 관련 '테마주'에 대한 개인 투자자들의 투기를 억제하기 위한 조치를 취하고 있습니다. 개인 투자자들은 전기차 배터리 소재, 양자 컴퓨터 및 초전도체와 같은 분야에 대규모로 투자해 왔으며, 이는 잠재적인 시장 거품에 대한 우려를 불러일으켰습니다. 금융감독원(FSS)은 높은 변동성과 빠른 수익에 매료되는 개인 투자자들의 레버리지 매수 및 마진콜 위험을 해결하기 위해 노력하고 있습니다.
규제당국은 또한 소액 투자자들이 장기 투자에 참여할 수 있는 인센티브가 부족하다는 것에 대해서도 우려하고 있습니다. 규제당국은 소수 주주를 보호하고 시장 신뢰를 회복하여 장기 투자를 유도하기 위한 조치를 확대할 계획입니다. 금융감독원은 시장 감시를 강화하고 불공정 거래 행위에 대한 엄격한 벌금 및 신속한 조사를 실시할 것입니다.
개인 투자자들은 유튜브, 텔레그램 및 소셜 미디어와 같은 소스의 sensational한 뉴스 및 팁에 영향을 받아 투자 기간을 줄이면서 투기적 행동을 하게 되었습니다. 이러한 우려에도 불구하고 분석가들은 팬데믹 이후 높은 수준을 보이는 증권사 예탁금으로 인해 코스닥(기술 주도 지수)으로의 개인 자금 흐름이 계속될 것으로 예상하고 있습니다.
시장은 큰 변동성을 보였지만, 개인 투자자들은 종종 펀더멘털을 고려하지 않고 고위험, 고수익 전략을 추구하고 있습니다. 이로 인해 초전도체, 양자 컴퓨터 및 배터리 소재를 포함한 다양한 부문에서 빠른 랠리가 일어났습니다.
전반적으로 한국의 규제당국은 개인 투자자들의 투기적 행동과 관련된 위험을 해결하고 시장의 안정성과 신뢰성을 높이기 위한 조치를 취하고 있습니다.
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Kosdaq one of world’s best performers as retail investors pile into superconductor, battery materials and salt stocks
The Kosdaq has significantly outperformed the benchmark Kospi Composite index in Korea this year © AP
Song Jung-a in Seoul 11 hours ago
South Korea’s financial regulators have vowed to curb short-term speculation by retail investors, as their bets on tech stocks fuel fears of a market bubble.
Retail investors have made big bets on themes including electric vehicle battery materials, quantum computers and superconductors, making the tech-heavy Kosdaq one of the world’s best performers this year.
“Their investment patterns are highly risky so we are cracking down on leveraged buying and margin call risks,” said Lee Bok-hyun, governor of the Financial Supervisory Service. “They seem to be recently lured by high volatility, which leaves bigger room for strong gains.”
More broadly, he said that small investors lacked incentives to invest for the long term. “Retail investors are not convinced of the market’s long-term gains. We’ll expand measures to protect minority shareholders and thoroughly implement them to restore market credibility and induce their longer-term investments.”
With this in mind, Lee added that financial regulators were stepping up monitoring of the market and would strengthen punishment of those involved in unfair trading. The FSS has committed more staff to help with a crackdown on illegal sales activities by brokerages and asset managers and the distribution of false information by investment boutiques and advisory firms. Financial authorities plan to impose hefty fines and speed up investigations into irregular trading activities.
“It is important to ferret out unfair trading by institutions, large shareholders and insiders in order to regain investor confidence, given the strong perception that only big institutions and large shareholders profit from stock trading at the expense of retail investors,” Lee said.
His comments reflect regulators’ concerns over Korean retail investors’ leveraged speculative buying of “theme stocks”, with margin loans near historic highs.
Heavy retail buying of anything related to electric vehicle batteries has helped the Kosdaq gain about 20 per cent in the year to date, more than double the 8 per cent rise in the benchmark Kospi Composite index.
“Many retail investors pursue a ‘high-risk high-return’ strategy, spurred on by sensational news and tips from YouTubers, Telegram [users] and other social media,” said Lee Seung-hoon, head of research at IBK Investment & Securities. “Their investment spans are getting shorter and shorter, swayed by news flows with no fundamental basis.”
Analysts at Goldman Sachs have also expressed concern over the risk of margin calls on ordinary investors.
“There are some signs of overheating in the Kosdaq market in terms of highly extended valuation, deteriorating earnings outlook, market concentration and leveraged activities by retail investors,” John Kwon and other analysts wrote in a recent report.
Retail investors’ hopes for technological breakthroughs have driven shortlived rallies in superconductors, quantum computers and energy storage material MXene in recent weeks, while geopolitical news such as Japan’s discharge of radioactive water has sparked heavy retail buying of salt and seafood alternatives.
“Companies with visible data like market size and earnings are not appealing to them anymore as they seek gains of more than 10 times their investments,” said Lee at IBK.
Despite the wild swings, analysts expect retail flows into the Kosdaq to continue, given the high level of deposits in brokerage accounts since the pandemic.
Kim Mi-seon, a 56-year-old housewife in Incheon, is a “theme stock” lover. In August, she made a 20 per cent return on her Won30mn ($22,000) investment in superconductor-related equities.
“As soon as I heard the news about superconductors, I jumped into the stocks, hooked on their potential,” Kim said. “Sometimes, it is better to just cash in on a fad than study things hard.”