Goldman Sachs: Every 1% increase in the weight of Samsung and SK Hynix may cause foreign capital to withdraw about $2 billion from the South Korean market.

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Jinse Finance报道,6月30日,高盛的Timothy Moe和John Kwon指出,三星和SK海力士在韩国股指的合计权重每增加1个百分点,可能导致外国投资者从韩国市场撤出约2B美元,因为美国《投资公司法》要求投资组合需要满足多元化门槛。高盛还表示,大量资金涌入杠杆ETF,加上期权交易和保证金零售交易的增加,形成了结构性环境,使日价格波动幅度远超企业基本面所能支撑的范围。韩国自去年以来的资产管理规模增长主要源于投资收益,而非新增资金。随着估值攀升,机构投资者对市场波动的机械性敞口也在增大——这往往与对冲策略有关。这意味着即便是温和的市场回调,也可能触发一连串的被迫抛售。
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