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OPTIONSAHOY
WhyinvestorslikeKoreanbluechips
DESPITEtheworldeconomicdownturn,SouthKoreasstockmarkethas
thisyearoutperformedthoseofallothercountriesbarRussia.Its
compositestockpri
ceindex(Kospi)hasrisenbymorethan25%sinceJanuary1st.The
rally,whichhasbeendrivenbyforeignbuying,isexpectedtocontinue
nextyear,fortworeasons:encouragingeconomicfundamentals,andthe
introductionofderivativessobelovedoftheworldshedgefunds.
OnJanuary28thnextyeartheKoreaStockExchangeisduetointroduce
optioncontractsonthesharesofsevenlistedcompanies:SKTelecom,
KoreaElectricPower,KoreaTelecom,SamsungElectronics,HyundaiMotor,
PohangIronSteelandKookminBank.AndasearlyasJuly,theFinancial
SupervisoryCommissionisexpectedtoallowinvestmentbankstosell
over-the-counterderivatives,suchasequityorinterest-rateswaps.
Tradingvolumeontheexchangewillincreaseaccordingly,saysLeeWonki
atMerrillLynch.Foreignersholdnearly90trillionwon($70billion)
ofKoreanshares,37%ofthemarket.TheirsliceofthetradingofKospi
200indexfuturesandoptionsroseto10%thisyear,fromabout5%ayear
ago.ButtheKospiindex,covering200companies,isnotthebestwayto
hedgeforeignportfolios,whichareinvestedmainlyinthesevenblue-chip
YetderivativesalonewillnotsustainKoreanequitiesunlessthe
economyturnsaround.Therearesignsthatithasreachedbottom,with
realGDPestimatedtohavegrownbyatleast2.8%thisyear(slowerthan
lastyearbuthigherthanearlierforecastsof2%orless).JinNyum,the
financeminister,predictsthat,althoughexportsmaysuffernextyear
iftheJapaneseyencontinuestofall,domesticdemandandpublicspending
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