◆Ajou Economic Major News
▷[Ajou Stock Market Focus] "If discrepancy management is not maintained, new ETF listings will be restricted"…Korea Exchange's strong warning
- In response to a surge in ETF discrepancy issues, the Korea Exchange has initiated strict oversight of liquidity providers (LPs) and asset management firms. The Exchange warned that failure to properly manage discrepancies could lead to restrictions on new ETF listings and LP operations, and it has begun efforts to improve related regulations.
- According to the financial investment industry on the 25th, the Korea Exchange sent a notice to ETF LPs and asset management firms on the 18th, reiterating the obligation to manage discrepancies. The Exchange stated that if these obligations are not fulfilled, it would actively consider imposing restrictions on new ETF listings for asset management firms and on LP operations for securities firms.
- This notice is seen as a response to the recent increase in cases of exceeding ETF discrepancies. The Exchange clarified the obligation for LPs to submit quotes in the notice.
- The Exchange's mention of potential listing restrictions indicates its assessment that the discrepancy issue has reached a serious level.
◆Major Reports
▷2026 Second Half Bond Market Outlook, Impact of Trade Conditions on Korean Economy and Interest Rates [Samsung Securities]
- A positive terms of trade shock centered on semiconductors is simultaneously boosting growth, inflation, and fiscal conditions in the Korean economy. With a surge in semiconductor demand and exports due to global AI infrastructure investments, Samsung Securities forecasts growth rates of 3.2% and 2.6% for 2026 and 2027, respectively.
- Unlike past positive terms of trade shocks that primarily arose from raw materials, this one is unusual as it originates from advanced manufacturing products. The impact of export price increases is greater and more lasting on the domestic economy than that of import price decreases.
- In Korea, the simultaneous rise in growth and inflation forecasts is exerting upward pressure on interest rates. While volatility in the bond market is expected to be high, the potential for interest rates to peak at a significantly higher level is limited.
- Conditions for bond supply and demand are expected to improve. A significant increase in corporate profits is projected to lead to a substantial reduction in net issuance of government bonds in 2027 due to increased corporate taxes.
◆Major Announcements After Market Close (25th)
▷ Hanyang Securities decides on a third-party allocation capital increase of approximately 50 billion won.
▷ MH Ethanol plans to acquire 130,000 shares of its own stock directly on the market.
▷ TKG Hucams participates in a third-party allocation capital increase for 'April Bio'.
▷ Namseong decides to dispose of 97,772 common shares (49.99% stake) of 'Namseong Infranet'.
▷ OCI Holdings sells 100% (150,605,252 shares) of 'OCI Specialty' to its affiliate OCI for 35.2 billion won.
◆Fund Trends (as of 24th, excluding ETFs)
▷ Domestic Equity: 126 billion won
▷ Overseas Equity: 7.8 billion won
◆Key Schedule for Today (26th)
▷ Japan: Tokyo CPI (June)
▷ United States: University of Michigan Consumer Sentiment Index (June)
* This article has been translated by AI.
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