USD\/KRW, G\u00fcney Koreli yetkililerin Kospi oynakl\u0131\u011f\u0131n\u0131 s\u0131n\u0131rlamak amac\u0131yla kald\u0131ra\u00e7l\u0131 ETF\u2019leri dizginlemeye y\u00f6nelik ad\u0131mlar\u0131n\u0131n ard\u0131ndan %0,7 d\u00fc\u015ferek 1.444\u2019e geriledi ve 27 \u015eubat\u2019tan bu yana en d\u00fc\u015f\u00fck seviyesini g\u00f6rd\u00fc. Acil toplant\u0131n\u0131n ard\u0131ndan Maliye Bakanl\u0131\u011f\u0131, kald\u0131ra\u00e7l\u0131 \u00fcr\u00fcnlere portf\u00f6y maruziyetine \u00fcst s\u0131n\u0131r getirerek ve i\u015flem maliyetlerini art\u0131rarak bireysel yat\u0131r\u0131mc\u0131 kat\u0131l\u0131m\u0131n\u0131 k\u0131s\u0131tlamaya d\u00f6n\u00fck planlar\u0131n\u0131 a\u00e7\u0131klad\u0131. Bu ad\u0131mlar, temmuz ortas\u0131nda duyurulan ve yeni kald\u0131ra\u00e7l\u0131 ETF listelemelerinin ask\u0131ya al\u0131nmas\u0131 ile mevcut \u00fcr\u00fcnlerin al\u0131m\u0131 i\u00e7in asgari hesap bakiyesinin 10 milyon KRW\u2019den 30 milyon KRW\u2019ye y\u00fckseltilmesini i\u00e7eren \u00f6nlemlerin devam\u0131 niteli\u011finde.<\/p>\n
Won ayr\u0131ca, Kore Merkez Bankas\u0131\u2019n\u0131n (BoK) ilave politika s\u0131k\u0131la\u015ft\u0131rmas\u0131na gidebilece\u011fi beklentilerinden ve ihracat gelirlerinin \u00fclkeye geri d\u00f6n\u00fc\u015f (repatriation) ak\u0131mlar\u0131ndan destek buldu. BoK Ba\u015fkan\u0131 Shin Hyun-sung, parlamentodaki bir komiteye enflasyonist bask\u0131lar\u0131n artmas\u0131yla daha s\u0131k\u0131 para politikas\u0131n\u0131n gerekebilece\u011fini s\u00f6yledi. USD\/KRW, yurti\u00e7i hisselerde sert kay\u0131plar g\u00f6r\u00fclmesine ve Maliye Bakanl\u0131\u011f\u0131\u2019n\u0131n tek hisseye dayal\u0131 kald\u0131ra\u00e7l\u0131 ETF\u2019lerin son d\u00f6nemdeki oynakl\u0131\u011f\u0131 art\u0131r\u0131p art\u0131rmad\u0131\u011f\u0131na ili\u015fkin siyasi inceleme alt\u0131nda olmas\u0131na ra\u011fmen, 1 Temmuz\u2019dan bu yana %7,3 geriledi.<\/p>\n
T\u00fcrev i\u015flemler yapan yat\u0131r\u0131mc\u0131lara, \u00f6n\u00fcm\u00fczdeki haftalarda USD\/KRW paritesinde d\u00fc\u015f\u00fc\u015f\u00fcn s\u00fcrmesine oynayacak \u015fekilde k\u0131sa vadeli pozisyon almalar\u0131n\u0131; k\u0131sa vadeli vadeli i\u015flem (short futures) veya KRW al\u0131m opsiyonu (call) sat\u0131n alma yolunu de\u011ferlendirmelerini \u00f6neriyoruz. Parite yak\u0131n d\u00f6nemde %7,3 d\u00fc\u015f\u00fc\u015fle 1.444\u2019e geriledi ve ihracat gelirlerinin yerel piyasaya geri akmas\u0131yla bu a\u015fa\u011f\u0131 y\u00f6nl\u00fc momentumun devam etmesi y\u00fcksek olas\u0131l\u0131k. G\u00fcney Kore\u2019nin son d\u0131\u015f ticaret verileri, k\u00fcresel teknoloji talebinin s\u00fcr\u00fckledi\u011fi g\u00fc\u00e7l\u00fc bir fazla g\u00f6sterirken, Won i\u00e7in temel destek olduk\u00e7a g\u00fc\u00e7l\u00fc kal\u0131yor.<\/p>\n
Ayr\u0131ca yat\u0131r\u0131mc\u0131lar\u0131n, BoK\u2019dan ilave parasal s\u0131k\u0131la\u015ft\u0131rmay\u0131 fiyatlamak \u00fczere faiz swaplar\u0131n\u0131 izlemesini \u00f6neriyoruz. Ba\u015fkan Shin Hyun-sung\u2019un yap\u0131\u015fkan enflasyona ili\u015fkin \u015fahin duru\u015fu, merkez bankas\u0131n\u0131n politika faizini daha da y\u00fckseltmeye haz\u0131r oldu\u011funa i\u015faret ediyor. Tarihsel olarak BoK enflasyonla m\u00fccadele i\u00e7in faiz art\u0131rd\u0131\u011f\u0131nda k\u0131sa vadeli tahvil getirileri s\u0131\u00e7rama e\u011filimi g\u00f6steriyor; bu da faiz swaplar\u0131nda \u201cpaid\u201d pozisyonlar\u0131 daha k\u00e2rl\u0131 hale getirebiliyor.<\/p>\n
Hisse t\u00fcrevleri taraf\u0131nda yat\u0131r\u0131mc\u0131lar, d\u00fczenleyicilerin bireysel kald\u0131ra\u00e7l\u0131 ETF\u2019leri agresif bi\u00e7imde s\u0131n\u0131rlamas\u0131yla Kospi oynakl\u0131\u011f\u0131nda gerilemeye haz\u0131rl\u0131kl\u0131 olmal\u0131. Asgari giri\u015f e\u015fi\u011fini 30 milyon Won\u2019a y\u00fckselten yeni d\u00fczenlemenin, piyasadan spek\u00fclatif likiditeyi \u00e7ekmesi muhtemel. Bu \u00e7er\u00e7evede Kospi opsiyonlar\u0131nda ima edilen oynakl\u0131\u011f\u0131n d\u00fc\u015fmesini bekliyoruz; bu da k\u0131sa oynakl\u0131k (short-volatility) stratejilerini \u015fu a\u015famada daha cazip k\u0131l\u0131yor.<\/p>\n\n\n\n
Hemen i\u015flem yapmaya ba\u015flay\u0131n \u2014 ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":" S\u00fcrpriz hamle: Seul kald\u0131ra\u00e7l\u0131 ETF\u2019leri s\u0131k\u0131la\u015ft\u0131rd\u0131, USD\/KRW %0,7 d\u00fc\u015f\u00fc\u015fle 1.444\u2019e indi. BoK\u2019dan ek s\u0131k\u0131la\u015fma ve ihracat repatriasyonu wonu desteklerken k\u0131sa dolar ve short-vol stratejileri \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n","protected":false},"author":87,"featured_media":50299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-52073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t