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The Korea Futures Exchange Weekly Bulletin June 10 To June 14 2002

Date 21/06/2002

  • On Thursday, June 14, all of Korean financial markets including KOFEX closed because of the local poll.
  • After it slightly went up during the previous week, the KTB futures market showed a mild but constant downward movement during the four trading days of the week.
  • In the USD/KRW F/X futures market, the lead month contract USD206 increased by KRW 8.5 or 0.69 percent during the week.

KOFEX Market Trend

KTB Futures Market

After it slightly went up during the previous week, the KTB futures market showed a mild but constant downward movement during the four trading days of the week. On Thursday, June 14, all of Korean financial markets including KOFEX closed because of the local poll.

At the KOFEX governmental bond futures market, the lead month contact KTB206 decreased by 28 ticks during the week and finally reached at 104.79 on Friday.

More importantly, the KTB June contract showed the downward movement for the four business days in a row this week.

The major reasons for the downward movement are as follows:

  • Growing expectations for a quicker domestic economy when the nation's GNI growth rate for the first quarter recorded a growth of 7.5 percent year on year.
  • Stocking index market coming back from the dropping during the previous weeks
  • Less interest in the MSB auction this week

The volume in the KTB futures market increased slightly this week in spite of the World Cup attracting investors. The average trading volume in the KTB futures market this week posted 55,988 lots, up 8,378 lots or 17.6 percent from the previous week.

USD/KRW Currency Futures Market

In the USD/KRW F/X futures market, the lead month contract USD206 increased by KRW 8.5 during the week closing the week at KRW 1,236.5 per USD.

The reasons behind the strength of the KRW against the USD are as follows:

  • Growing possibility of the market intervention by the monetary authority in response to the recent steep appreciation of the KRW against the USD
  • Rebound of the domestic stock market
    - This week, the KOSDAQ Comp Index increased by 2.62 percent and the total amount of net purchasing by foreigners in the market posted KRW 189.4 billion or USD 151.5 million.