G\u00fcney Kore hisseleri, yapay zek\u00e2 (AI: insan benzeri g\u00f6revleri yapan yaz\u0131l\u0131m ve bilgisayar sistemleri) ve yar\u0131 iletken (\u00e7ip) \u015firketlerinin \u00f6nc\u00fcl\u00fc\u011f\u00fcnde y\u00fckselse de, KOSPI k\u00fcresel \u00f6l\u00e7ekte g\u00fc\u00e7l\u00fc performans\u0131n\u0131 korurken finansal ko\u015fullar s\u0131k\u0131la\u015f\u0131yor. BNY\u2019nin iFlow verileri, kurumsal yat\u0131r\u0131mc\u0131lar\u0131n (fonlar, sigorta \u015firketleri gibi b\u00fcy\u00fck yat\u0131r\u0131mc\u0131lar) yo\u011fun sat\u0131\u015f yapt\u0131\u011f\u0131n\u0131 ve marttan nisana uzanan d\u00f6nemde \u00e7\u0131k\u0131\u015flar\u0131n s\u00fcrd\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor.<\/p>\n
BNY\u2019nin iFlow\u2019u, geli\u015fen piyasalar (EM: Emerging Markets; geli\u015fmekte olan \u00fclkeler piyasalar\u0131) i\u00e7in \u201c\u00f6nc\u00fc g\u00f6sterge\u201d olarak tan\u0131mlan\u0131yor. G\u00f6sterge, g\u00fcnl\u00fck s\u0131n\u0131r \u00f6tesi menkul k\u0131ymet ak\u0131mlar\u0131n\u0131 (\u00fclkeye giren-\u00e7\u0131kan hisse\/tahvil i\u015flemleri) birle\u015ftiriyor ve resmi verilerle e\u015fle\u015ftiriyor. Rapor, ralli s\u0131ras\u0131nda giri\u015flerin giderek \u201ckur korumas\u0131z\u201d (hedge edilmemi\u015f: kur riskine kar\u015f\u0131 korunma yap\u0131lmam\u0131\u015f) hale geldi\u011fini; bu nedenle yeniden h\u0131zlanan \u00e7\u0131k\u0131\u015flar\u0131n Kore wonunu zay\u0131flatabilece\u011fini belirtiyor.<\/p>\n
Rapor, fon ak\u0131\u015flar\u0131ndaki tabloyu y\u00fcksek k\u0131sa vadeli enflasyon beklentilerine ba\u011fl\u0131yor. Y\u00fckselen enflasyon beklentileri tahvil getirilerini (faizlerini) yukar\u0131 itebilir ve pozisyonlar\u0131n yo\u011fun oldu\u011fu (\u00e7ok yat\u0131r\u0131m yap\u0131lm\u0131\u015f) hisse piyasalar\u0131n\u0131 olumsuz etkileyebilir. Ayr\u0131ca Japonya, G\u00fcney Kore, Tayvan ve di\u011fer net enerji ithalat\u00e7\u0131lar\u0131nda girdi maliyetlerinin artt\u0131\u011f\u0131n\u0131; bunun zamanla normale d\u00f6nmesinin beklenebilece\u011fini ve geleneksel d\u0131\u015f ticaret\/fon fazlalar\u0131n\u0131 azaltabilece\u011fini vurguluyor.<\/p>\n
Rapora g\u00f6re, net al\u0131mlar\u0131n azalmas\u0131na ba\u011fl\u0131 zay\u0131f para birimi performans\u0131, \u00fclkelerin i\u00e7 finansal ko\u015fullar\u0131n\u0131 s\u0131k\u0131la\u015ft\u0131rabilir ve faiz art\u0131\u015flar\u0131n\u0131 tetikleyebilir. Endonezya\u2019n\u0131n \u00e7ar\u015famba g\u00fcn\u00fc ve Filipinler\u2019in bu ay\u0131n ba\u015f\u0131nda att\u0131\u011f\u0131 \u201c\u00f6n al\u0131c\u0131\u201d ad\u0131mlara (piyasay\u0131 bozmadan \u00f6nce at\u0131lan koruyucu ad\u0131mlar) dikkat \u00e7ekiliyor. Ko\u015fullar s\u0131k\u0131 kal\u0131rsa Asya-Pasifik geli\u015fen piyasalar\u0131nda (APAC EM) yat\u0131r\u0131mc\u0131 pozisyonlamas\u0131n\u0131n yeniden ayarlanmas\u0131 gerekebilece\u011fi ifade ediliyor.<\/p>\n
G\u00fcney Kore piyasalar\u0131nda ayr\u0131\u015fma g\u00f6r\u00fcl\u00fcyor: AI ve \u00e7ip hisseleri KOSPI\u2019yi yeni zirvelere ta\u015f\u0131rken, kurumsal yat\u0131r\u0131mc\u0131lardan gelen g\u00fc\u00e7l\u00fc sat\u0131\u015f bunun kal\u0131c\u0131 olmayabilece\u011fine i\u015faret ediyor. Bu bask\u0131, d\u00f6viz piyasas\u0131na da yans\u0131maya ba\u015flad\u0131.<\/p>\n
Kore wonunda stres belirtileri var: USD\/KRW kuru bu hafta 1.420 seviyesinin \u00fczerine \u00e7\u0131karak 2025 ba\u015f\u0131ndaki \u00e7alkant\u0131dan bu yana ilk kez bu e\u015fi\u011fi a\u015ft\u0131. \u00d6nceki y\u00fckseli\u015fin b\u00fcy\u00fck \u00f6l\u00e7\u00fcde kur korumas\u0131z olmas\u0131 nedeniyle, bu \u00e7\u0131k\u0131\u015flar kur \u00fczerinde normalden daha b\u00fcy\u00fck etki yarat\u0131yor. Yat\u0131r\u0131mc\u0131lar, wonun daha da de\u011fer kaybetmesinden fayda sa\u011flamay\u0131 hedefleyen opsiyon stratejilerini (opsiyon: belirli fiyattan alma\/satma hakk\u0131 veren s\u00f6zle\u015fme) de\u011ferlendirebilir; \u00f6rne\u011fin KRW vadeli i\u015flemleri \u00fczerinde sat\u0131m (put: fiyat d\u00fc\u015f\u00fc\u015f\u00fcnden kazan\u00e7 sa\u011flayan opsiyon) almak.<\/p>\n
KOSPI taraf\u0131nda ise yabanc\u0131 yat\u0131r\u0131mc\u0131lar bu ay yerel hisselerde net 3,5 milyar dolarl\u0131k sat\u0131\u015f yapt\u0131; sat\u0131\u015flar ralliyi ta\u015f\u0131yan teknoloji hisselerinde yo\u011funla\u015ft\u0131. K\u00fcresel bellek \u00e7ipi fiyatlar\u0131 ge\u00e7en y\u0131lki g\u00fc\u00e7l\u00fc seyrin ard\u0131ndan yatayla\u015fma sinyali verirken, yar\u0131 iletkenlerde yukar\u0131 potansiyel s\u0131n\u0131rl\u0131 g\u00f6r\u00fcn\u00fcyor. Bu ortam, uzun (al\u0131m y\u00f6nl\u00fc) hisse pozisyonlar\u0131n\u0131 KOSPI 200 endeksinde sat\u0131m opsiyonlar\u0131yla korumay\u0131 veya \u201czarar ihtimali d\u00fc\u015f\u00fck\u201d uzak fiyatl\u0131 call (al\u0131m) opsiyonlar\u0131 satmay\u0131 (out-of-the-money: kullan\u0131m fiyat\u0131 mevcut fiyattan uzak, ger\u00e7ekle\u015fmesi daha zor) g\u00fcndeme getiriyor.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kore rallisi s\u00fcr\u00fcyor ama \u00e7anlar \u00e7al\u0131yor: AI\/\u00e7ip hisseleri KOSPI\u2019yi ta\u015f\u0131rken kurumlar sert sat\u0131yor. Kur korumas\u0131z \u00e7\u0131k\u0131\u015flar wonu zay\u0131flat\u0131yor; enflasyon, faiz, opsiyonla korunma g\u00fcndemde.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-47227","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/47227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=47227"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/47227\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=47227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=47227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=47227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}