As the KOSPI showed a stronger-than-expected rally in the new year, retail investors' buying of inverse products appeared to slow.
According to the financial investment industry on the 21st, retail investors were net buyers of KODEX 200 worth 178.9 billion won last week (Jan. 12–16), making it the most purchased among ETFs listed in Korea. That is a level similar to the 171.0 billion won bought in TIGER S&P500, which tracks the U.S. benchmark S&P 500.
During the same period, the inverse product KODEX 200 Futures Inverse 2X ranked as the fourth most net-bought product with 109.1 billion won, and TIGER 200 (68.4 billion won) and KODEX Inverse (65.2 billion won) were also within the top 10.
This trend contrasts sharply with the previous week (Jan. 5–9). At that time, retail investors maintained a strategy to brace for a downturn, net buying 179.3 billion won of KODEX 200 Futures Inverse 2X after TIGER U.S. S&P600 (209.5 billion won). They also bought 52.3 billion won of KODEX Inverse, and net bought 105.7 billion won of KODEX 200 Target Weekly Covered Call, which is favorable in a sideways market.
Among the top net-bought ETFs, the only product that directly tracks the index was KODEX200 (8th, 87.9 billion won). Within a week, several products betting on a rising market entered the top net-bought list, signaling a shift in investment direction.
Meanwhile, the KOSPI, which had been rising day after day in the new year, turned lower on the 19th for the first time in 13 sessions and closed at 4,885.75 points. In the market, views are split on whether to see this pullback as a short breather or interpret it as a trend change.
Lee Kyung-min, an analyst at Daishin Securities, said, "The KOSPI turned lower the previous day as profit-taking emerged, mainly in semiconductors, autos and defense, which had recently been strong, but the medium- to long-term upward momentum has not been damaged, so the view remains positive."