2026年3月金融市场趋势

▣Treasury bond yields rose sharply,driven byinflation concernsstemmingfrom rising global oil prices following the war in theMiddleEast,as well as by shifts in expectations regardingmonetarypolicy in major economies. ▣TheKOSPIfellsharplyamidhighvolatilityreflectingstrengthenedglobal risk-off sentiment due to geopoliticalinstabilityin the Middle East,as well as uncertainty overmonetarypolicy in major economies and concerns about aslowdowninthe semiconductorindustry. ▣In March,bank lending to households turned to an increase(-0.4trillion won in February 2026→+0.5 trillion won in March),andbanklendingto the corporate sector continued to grow significantly inMarchasinthepreviousmonth(+9.6trillionwon→+7.8trillionwon). ▣Deposit-takingbybankscontinuedtoincreaseinMarch(+47.3trillionwonin February 2026→+20.5 trillion won in March).Funds undermanagementat asset management companies reversed to asubstantialdecline(+48.6trillionwon→-29.1trillionwon). 1InterestRatesandStockPrices □Treasury bond yields rose sharply,driven by inflation concernsstemmingfrom rising global oil prices following the war in theMiddleEast,as well as by shifts in expectations regardingmonetarypolicyinmajoreconomies. □Majorshort-termmarketinterestrates(3-month)increased,particularlyforMonetaryStabilizationBonds,reflectingheightenedvolatility in long-term interest rates and reducedarbitrageincentives. □TheKOSPIfellsharply*amidhighvolatilityreflectingstrengthenedglobalrisk-offsentimentduetogeopoliticalinstabilityin the Middle East,as well as uncertainty overmonetarypolicy in major economies and concerns about aslowdownin thesemiconductor industry. *In March,foreign investors net sold 40.5 trillion won of domestic stocks,markingthelargestmonthlynetsell-offonrecord. 2HouseholdLoans □In March,bank lending to households turned to a slightincrease,driven primarily by other loans(-0.4trillion won in February2026→+0.5 trillionwoninMarch;+1.6trillionwoninMarch2025). oHome mortgage loans(+0.3trillion won→+0.0 trillion won)sawslowergrowth,reflectingbanks’tightermanagementofhouseholdloans and weaker demand for leasehold depositloans. ※Changes in leasehold deposit loans(trillionwon):-0.3 in Jan.2026→-0.2inFeb.→-0.4inMar.(+0.7inMar.2025) oOther loans(-0.7trillion won→+0.5 trillion won)turnedto anincrease,led by unsecured loans,reflecting increased stockinvestment,despitequarter-endsalesandwrite-offsofnon-performingloans. Oct2025NovDecJan2026FebMar▪Apartmentsaletransactions(nationwide,10,000units)1)4.74.4 4.2 4.8 4.1..▪Apartmentsaletransactions(Seoulmetropolitan,10,000units)1)2.51.8 1.9 2.2 2.0..▪Apartmentsaletransactions(Seoul,1,000units)1)8.53.4 4.8 5.4 5.7..▪Apartmentleaseholdtransactions(nationwide,10,000units)1)4.35.0 5.0 5.2 4.1..▪Newapartmentsales(nationwide,10,000units)1.73.0 2.6 1.2 0.6 1.9▪Newlyoccupiedapartments(nationwide,10,000units)1.82.5 2.1 1.8 1.7 1.5Note:1)Transactionvolumeasofthecontractdate,basedonstatisticscompiledasof 3CorporateFunding □Bank lendingtothecorporatesectorcontinuedtogrowsignificantlyinMarchasinthepreviousmonth(+9.6trillionwoninFebruary2026→+7.8trillionwoninMarch;-2.1trillionwoninMarch2025). oGrowth in bank lending to SMEs accelerated(+4.3trillion won→+4.5trillion won),reflecting major banks’efforts to expand corporatelendingunder“productive finance“initiatives and firms’demandforworkingcapital. oBank lending to large corporations increased substantially(+5.2trillionwon→+3.4 trillion won),driven by banks’stronger lendingstanceanddemandforfundsforcorporatebondredemptions. □Corporatebondscontinuedtorecordnetredemptions(-4.1trillionwon→-0.3 trillion won),amid an increase in maturing volumes,seasonalfactors(suchas shareholder meetings and business report submissions)andheightenedinterestratevolatility. oCPandshort-termbondsshiftedtonetredemptions(+0.1trillionwon→-3.0 trillionwon),asrepaymentsofshort-termdebtforquarter-endfinancialratio management outweighed issuance by some firms tofundcorporatebondredemptions. 4FlowofFunds □Deposit-taking by banks increased substantially in March(+47.3trillionwon in February 2026→+20.5 trillion won in March;+12.3 trillionwoninMarch2025),centeringontransferabledeposits. oTransferable deposits grew substantially(+39.6trillion won→+25.8trillionwon),led by inflows of corporate funds for quarter-endfinancialratiomanagementanddividendpayments. oTime deposits shifted to a decline(+10.7trillion won→-4.4 trillionwon),reflectingoutflowsofhouseholdfundsintoequityinvestmentandthelarge-scalematurityoftimedeposit-backedABCP. □Fundsundermanagementatassetmanagementcompaniesdeclinedsubstantially(+48.6trillion won in February 2026→-29.1 trillion won inMarch;-13.1trillionwoninMarch2025),centeringonstock-typefunds. oStock-typefunds(+34.1trillionwon→-18.8trillionwon)andotherfunds(+7.6trillionwon→-1.1trillionwon)reversedtoadecrease*.Bond-typefundsdeclinedatafasterpace(-0.2trillionwon→-6.1trillionwon). *The NAV-based amount oustanding declined due to falling stock prices;excludingvaluation effect