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The Korea Futures Exchange Weekly Bulletin - July 15 To July 19

Date 25/07/2002

  • The leading month contract in the KTB futures market, KTB209 increased by 65 ticks during the week reaching at 105.62 on Friday, when the yield of the benchmark 3-yr K-Treasury bond decreased by 18bp.
  • Flowing the unprecedented downward trend of the Korean Won beginning from the middle of April, the USD/KRW futures market represented the continued weakness.
KOFEX Market Trend

KTB Futures Market

During the week, the lead month contract in the KTB futures market, KTB209 increased by 65 ticks reaching at 105.62 on Friday.

At the same time, in the local fixed income market, the yield of the benchmark 3-yr K-Treasury bond decreased by 18bp during the week to post at 5.70 points on Weekend.

The major reasons for the strength of the KTB futures market are as follows:

  • Freefall of the local stock market
    • Both the KOSPI and the KOSDAQ Comp Index plunged by 4.8 and 5.5 percent closing the week at 754.632 points and 63.14 points respectively.
    • Foreigner's strong selling spree in the two local stock markets
  • Growing concern over the possibility of a delay in the recovery of the domestic stock market thanks to the bearishness in the US stock markets and the ongoing weakening of the greenback against the KRW
The average daily volume in the KTB futures market this week recorded 64,039 contracts, down as much as 24,162 contracts.

USD/KRW Futures Market

This week, flowing the unprecedented downward trend of the Korean Won beginning from the middle of April, the USD/KRW futures market represented the continued weakness.

The lead month contract USD208 plunged by KRW 12.6 per USD or 1.06 percent against the previous week's closing and finally it reached at KRW 1,173.1 per USD on Friday.

The major factors behind the continued strength of KRW against the Greenback are as follows:

  • Steep fall of the JPY/USD exchange rate to below 116 Yen per USD mostly due to the growing doubt over the possibility of another bad accounting case in the US
  • Comment by the Finance Minister of Japan, Masajuro Shiokawa that the Yen might be appreciated further against the US Dollar
The average daily trading volume in the USD/KRW futures market this week posted 5,649 contracts, down 1,896 contracts.