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Alternative Market Briefing

Korea's wealthy driving hedge funds, ETFs up

Wednesday, September 07, 2016

Komfie Manalo, Opalesque Asia:

Wealthy South Koreans are pushing the growth of the local hedge fund and exchange traded fund (ETF) industries as investors shift towards alternative investments, with the stock market going south, state media Yonhap News reported.

State data showed that over the past four weeks, South Korea’s stock funds lost over $1.82bn in redemptions. From July 29-Sept. 5, net redemptions reached $2.04bn, the longest decline since 2013 when stock fund redemptions reached $6.7bn during 47 trading session days.

This time around, the outflow of money is being led by redemption of domestic stock funds, with net outflows totaling $1.8bn followed by offshore stock funds that saw net outflows of $254.3m.

Yonhap quoted NH Investment & Securities Co., analyst Moon Soo-hyun, as saying, "The redemption drive of domestic stock funds is in line with the pattern of selling when the KOSPI hovers over 2,000 points and buying when it's in the 1,900-point level. A desire for redemption has increased as the KOSPI has risen since July."

Kim Yong-koo of Hana Financial Investment said that investors are worried that the KOSPI will not increase in the coming days because of the uncertain market conditions both in South Korea and abroad which causes investors to lose confidence in the overall domestic equity market.

Kim added, "It may be possible ......................

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