◆Ajou Economic Major News
▷[Long and Short Investments Surge] "Don't Miss the Bull Market"... Derivatives Deposits Double This Year, 'Debt Investment' Reaches All-Time High
- As the KOSPI continues to set record highs, investments in derivatives, margin loans, and investor deposits have all surged to unprecedented levels, indicating a significant increase in 'long' investments betting on further gains.
- As of May 7, the total deposits for derivatives trading reached 38.2567 trillion won, marking an all-time high and more than doubling since the beginning of the year, reflecting a strong aggressive investment sentiment.
- Margin loan balances are around 35 trillion won, and investor deposits have also hit a record 137 trillion won, indicating a rapid expansion of market liquidity and 'debt investment'.
- Conversely, short selling funds have also increased, with borrowing balances surpassing 180 trillion won for the first time, suggesting that some investors are anticipating a market correction following the recent surge.
- Analysts point to corporate earnings as a key factor that will determine whether the KOSPI continues to rise, noting that as long as the upward trend in earnings per share (EPS) persists, the bullish market trend is likely to continue.
◆Major Reports
▷Wealth Gap Widens [SK Securities]
- As global markets continue to rally, particularly in the IT sector, the KOSPI has risen to the 7,500 level, and with the surge in KOSPI 200 night futures, domestic markets are expected to start strong early in the week.
- During the U.S. first-quarter earnings season, the surprise rates for EPS and revenue among S&P 500 companies significantly exceeded long-term averages, indicating a positive earnings trend, while the sensitivity of domestic markets to earnings is expected to gradually decrease after this week.
- The upcoming U.S.-China summit on May 14-15 is likely to address major issues such as the end of the Iran conflict, tariffs, and regulations on semiconductors and AI, with the market reflecting both optimism and caution.
- The domestic market is experiencing a stark disparity in returns between the KOSPI and KOSDAQ, with funds increasingly concentrated in large-cap semiconductor stocks like Samsung Electronics and SK Hynix, exacerbating the trend toward large-cap stock dominance.
- While concerns about overheating and technical pressures due to the market surge are growing, the upward revisions in earnings estimates for the semiconductor sector and maintained low valuations suggest that the existing strategy focused on leading stocks remains valid.
◆Major Announcements After Market Close (May 8)
▷Dongwon Industries reports first-quarter operating profit of 146.2 billion won, up 17.1% year-on-year.
▷SK Chemicals reports first-quarter operating profit of 21.2 billion won, down 42.6% year-on-year.
▷CJ Freshway reports first-quarter operating profit of 11 billion won, up 3.8% year-on-year.
▷Pumtech Korea reports first-quarter consolidated operating profit of 12.9 billion won, down 3.5% year-on-year.
▷Megastudy Education reports first-quarter operating profit of 26 billion won, down 0.8% year-on-year.
▷Inglewood Lab reports first-quarter consolidated operating profit of 5.6 billion won, up 22% year-on-year.
▷Korea Electric Power Technology reports first-quarter operating profit of 14.1 billion won, up 194.8% year-on-year.
◆Fund Trends (as of May 7, excluding ETFs)
▷Domestic equity funds: -93 billion won
▷Overseas equity funds: -29.8 billion won
◆Today's Schedule (May 11)
▷China: Consumer Price Index (April), Producer Price Index (April)
▷United States: Existing Home Sales (April)
* This article has been translated by AI.
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