这种杠杆水平的相对稳定被解读为投资者仍对人工智能主题保持信心。台湾和韩国都曾因先进芯片需求飙升而受益显著，这一需求在中东冲突爆发前推动两市创下历史高点。Lombard Odier Singapore Ltd 的策略师Homin Lee表示，错过2025年4月市场底部的痛苦记忆可能抑制激进调仓；即便如此，如果持续冲突导致能源供给被扰动，投资者仍可能重新寻找所谓TACO交易。韩国方面，因未能满足追加保证金而被强平的仓位，很快被其他愿意动用杠杆的资金买入。
更关键的信号是，台韩两市杠杆贷款与总市值之比均低于1%，说明更广泛的系统性风险仍受控制。台湾周一降至NT$3720亿（约117亿美元）的5%下滑，与2025年4月特朗普大规模关税宣布引发的市场崩盘中，交易员一周内约28%的杠杆减持相比显著温和。韩国市场观察者指出，被清算的仓位被迅速吸收，解释了指数为何呈现“震荡、摆动”而非明显去杠杆；Fibonacci Asset Management Global 首席执行官Jung In Yun补充称，尽管近期反弹，韩国股市在过去十多年里在亚洲仍属表现不佳的市场，但按全球标准估值仍显得偏低，持续吸引资金回流。
During the Iran-war selloff, retail investors in Taiwan and South Korea largely held their leveraged bets, signaling strong resilience in two tech-heavy Asian markets. Taiwan’s borrowing to buy stocks fell only 5% for the week through Monday, remaining near its highest level since 2007. In Korea, outstanding margin financing hit a new high last week at 33.7 trillion won ($23 billion) on Thursday and then edged lower on Friday.
This relative stability suggests continued conviction in the artificial-intelligence theme: both markets were major Asian beneficiaries of surging demand for advanced chips that had pushed them to record highs before the Middle East conflict. Homin Lee of Lombard Odier Singapore Ltd said the painful memory of missing the April 2025 bottom may discourage aggressive positioning shifts, while a protracted conflict disrupting energy supply could still lead investors to revisit a so-called TACO trade. In Korea, positions liquidated for failing margin requirements were quickly repurchased by other participants ready to deploy leverage.
A key stabilizing signal is that margin debt relative to total market capitalization is below 1% in both markets. Taiwan’s 5% weekly drop to NT$372 billion ($11.7 billion) on Monday is much milder than the roughly 28% unwind during the April 2025 market meltdown tied to Donald Trump’s broad tariff announcement. In Korea, liquidations were rapidly absorbed, which helps explain why the index moved in a choppy, gyrating pattern rather than a clean margin unwind; as noted by Jung In Yun, CEO of Fibonacci Asset Management Global, Korea’s market has underperformed Asia for more than a decade, yet after the rally valuations still look relatively attractive by global standards.