G\u00fcney Kore\u2019de para arz\u0131 b\u00fcy\u00fcmesi nisan ay\u0131nda h\u0131zland\u0131; y\u0131ll\u0131k art\u0131\u015f oran\u0131 \u00f6nceki ayki %7,2\u2019den %8,1\u2019e y\u00fckseldi. Veriler, s\u00f6z konusu d\u00f6nemde likidite geni\u015flemesinin h\u0131zland\u0131\u011f\u0131na i\u015faret ediyor.<\/p>\n
A\u00e7\u0131klama, nisan ay\u0131na ili\u015fkin para arz\u0131 ivmesine dair \u00fcst d\u00fczey bir g\u00f6sterge sunarak mart ay\u0131na k\u0131yasla belirgin bir art\u0131\u015f ortaya koyuyor. Payla\u015f\u0131lan rakamlarda daha ayr\u0131nt\u0131l\u0131 bir k\u0131r\u0131l\u0131m yer almad\u0131.<\/p>\n
Nisan verisi, para arz\u0131 b\u00fcy\u00fcmesinin %8,1\u2019e s\u0131\u00e7rad\u0131\u011f\u0131n\u0131 g\u00f6stererek G\u00fcney Kore ekonomisinde likiditede kayda de\u011fer bir art\u0131\u015fa i\u015faret ediyor. Bu geni\u015flemeyi, \u00f6n\u00fcm\u00fczdeki aylarda artan enflasyonist bask\u0131lar i\u00e7in net bir \u00f6nc\u00fc g\u00f6sterge olarak de\u011ferlendiriyoruz. Bu durum, dola\u015f\u0131mdaki para miktar\u0131 artt\u0131k\u00e7a nakdin de\u011ferinin a\u015f\u0131nd\u0131\u011f\u0131na i\u015faret ediyor.<\/p>\n
Bu g\u00f6r\u00fc\u015f, en son may\u0131s T\u00fcketici Fiyat Endeksi (T\u00dcFE) verisiyle de g\u00fc\u00e7leniyor: enflasyon %3,5\u2019e h\u0131zlanarak Kore Merkez Bankas\u0131\u2019n\u0131n (Bank of Korea) %2 hedefinin belirgin \u015fekilde \u00fczerinde kald\u0131. Merkez bankas\u0131 yetkilileri, fiyat istikrar\u0131na odakland\u0131klar\u0131n\u0131 vurgulayarak son d\u00f6nemde kamuya a\u00e7\u0131k a\u00e7\u0131klamalar\u0131nda daha \u015fahin bir ton benimsedi. Piyasa, politika tepkisi olas\u0131l\u0131\u011f\u0131n\u0131 daha y\u00fcksek fiyatl\u0131yor.<\/p>\n
Bu fakt\u00f6rler \u0131\u015f\u0131\u011f\u0131nda, G\u00fcney Kore Wonu\u2019nun ABD dolar\u0131 kar\u015f\u0131s\u0131nda zay\u0131flama potansiyeli ta\u015f\u0131d\u0131\u011f\u0131n\u0131 \u00f6ng\u00f6r\u00fcyoruz. USD\/KRW kuru, haziran ba\u015f\u0131nda 1.380 ile alt\u0131 ay\u0131n zirvesine zaten t\u0131rmand\u0131. Daha fazla de\u011fer kayb\u0131na pozisyon almak i\u00e7in USD\/KRW paritesinde al\u0131m (call) opsiyonlar\u0131n\u0131n uygun bir strateji oldu\u011funu d\u00fc\u015f\u00fcn\u00fcyoruz.<\/p>\n
Enflasyonu dizginlemek amac\u0131yla Kore Merkez Bankas\u0131\u2019n\u0131n bu y\u0131l\u0131n ilerleyen d\u00f6neminde faiz art\u0131\u015f\u0131na i\u015faret etmesini de bekliyoruz. Bu tablo, benzer bir M2 geni\u015flemesinin agresif bir faiz art\u0131r\u0131m\u0131 d\u00f6ng\u00fcs\u00fcn\u00fcn \u00f6n\u00fcne ge\u00e7ti\u011fi 2021-2022 d\u00f6nemini and\u0131r\u0131yor. Yat\u0131r\u0131mc\u0131lar, Kore Hazine Tahvili (KTB) vadeli kontratlar\u0131nda k\u0131sa pozisyon gibi k\u0131sa vadeli faizlerin y\u00fckselmesinden faydalanan stratejileri de\u011ferlendirmeli.<\/p>\n
KOSPI 200 hisse endeksi a\u00e7\u0131s\u0131ndan ise bu ortam belirgin bir belirsizlik yarat\u0131yor. Y\u00fcksek likidite ba\u015flang\u0131\u00e7ta hisse fiyatlar\u0131n\u0131 destekleyebilse de, para politikas\u0131nda s\u0131k\u0131la\u015fma tehdidi \u00f6nemli bir risk unsuru. Bu \u00e7at\u0131\u015fman\u0131n piyasa oynakl\u0131\u011f\u0131n\u0131 art\u0131raca\u011f\u0131n\u0131 ve V-KOSPI vadeli i\u015flemlerinde uzun pozisyonlar\u0131n cazip bir i\u015flem oldu\u011funu d\u00fc\u015f\u00fcn\u00fcyoruz.<\/p>\n","protected":false},"excerpt":{"rendered":"
G\u00fcney Kore\u2019de para arz\u0131 b\u00fcy\u00fcmesi nisanda %8,1\u2019e h\u0131zland\u0131: likidite art\u0131\u015f\u0131 enflasyon riskini b\u00fcy\u00fct\u00fcyor. T\u00dcFE %3,5\u2019te, BoK \u015fahinle\u015fiyor. Won bask\u0131da; USD\/KRW rekor yak\u0131n\u0131nda. Faiz art\u0131\u015f\u0131, tahvillerde k\u0131sa, V-KOSPI\u2019da long \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n","protected":false},"author":87,"featured_media":47682,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-48881","post","type-post","status-publish","format-standard","has-post-thumbnail","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\/48881","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=48881"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/48881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/47682"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=48881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=48881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=48881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}