【韩国股市杠杆盘出清 波动率飙升态势有所缓和】在历史性抛售行情出清杠杆头寸，监管收紧令部分高风险产品交易规模大幅萎缩之后，韩国股市最剧烈动荡的阶段或已结束。 韩国股票波动率指数自6月创下历史新高后，上周回落至两个月低点。强制平仓降低了市场融资余额，叠加杠杆ETF监管新规落地，挂钩芯片巨头三星电子与SK海力士的相关产品交易规模与资产规模双双收缩，市场由此企稳。 上述变化表明，此前放大股市剧烈震荡的部分杠杆交易泡沫已经出清。摩根士丹利估算，去杠杆进程已完成过半。韩国综合指数自6月高点最大回撤接近40%。今年全球资金累计抛售韩国股票超1000亿美元，新兴市场基金对韩国股市处于低配状态。 不过海外资管机构并未急于回流。波动率虽有所下降，但仍处于高位。投资者需要权衡处于历史低位的估值、向好的盈利前景，以及市场再度大幅震荡的风险。
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