[South Korean Stock Market Surges as Brokerage Firms Indicate Leverage Unwinding Nears End] According to Deep Tide TechFlow, on July 22, the South Korean stock market saw a significant rally on Wednesday, following a period where pressure from leveraged trading unwinding had driven the benchmark index down nearly 30% from its peak. This rebound alleviated the selling pressure of the past few weeks, during which the market had lost approximately $1.2 trillion in market value since its June high. Market participants noted that the recent plunge was primarily driven by the unwinding of leveraged exchange-traded funds (ETFs), a contraction in retail margin loans, and growing concerns over the sustainability of the memory chip boom. JPMorgan strategists, including Mixo Das, stated in a report that the deleveraging process of leveraged ETF positions appears to be about 75% complete. According to data from the Korea Financial Investment Association, as of July 16, South Korean investors had reduced their leveraged stock positions to the lowest level in three months. Margin balances fell to 33.4 trillion won ($22.6 billion), a 13% decline from the late June peak. For many investors, this is seen as a clear signal of market recovery. (Jin10)