South Korea's risk appetite is exploding in an extreme form of "borrowing to speculate on stocks" — margin debt and retail investor funds both hitting new records.


Margin debt reaches an all-time high: As of mid-May, the unpaid margin loans in the Korean stock market reached 36.57 trillion won (about $365.7k), a surge of +140% since 2025, and +32% since the beginning of the year. In 2020, it was only about $50 billion.
Retail investors are flooding in: From the beginning of the year to now, domestic investors have net bought about $25.3 billion worth of stocks, mainly focusing on Samsung Electronics, SK Hynix, and the AI/HBM industry chain.
Warning signals: The March KOSPI crash triggered an average daily forced liquidation of 5B won, and several brokerages have tightened leverage ratios. Regulators have repeatedly warned about the risks of "debt-financed investing."
#韩国股市杠杆狂潮 # Debt-financed investing #DongxueAnt
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