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Daily trading of equity-linked warrants jumps in 2009
SEOUL, Jan. 11 (Yonhap) -- Daily transactions of equity linked warrants (ELW) jumped last year due to sharp gains by South Korea's key stock index as the global financial meltdown eased, the bourse operator said Monday.
Average daily trading of ELWs -- securities that give holders the option to buy or sell underlying assets like stocks at a pre-set price -- reached 852.3 billion won (US$761 million) last year, up 122 percent from 2008, according to the Korea Exchange (KRX).
The figure has gained by a yearly average of 67 percent over the past three years, it added.
The increase in transactions last year came as the benchmark Korea Composite Stock Price Index (KOSPI) maintained its upward momentum while the global financial turmoil settled, the KRX said.
The KOSPI rose nearly 50 percent in 2009 as foreign investors snapped up Seoul stocks amid a faster-than-expected economic recovery.
sooyeon@yna.co.kr
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