Stocks
Korean Market Holidays — Lunar New Year and Chuseok Change Dates Annually 韓国市場の休場日 — 旧正月と秋夕は毎年日付が変わります
The first stumbling block for Japanese investors holding Korean stocks in managing their calendars is the holiday schedule. While Korea and Japan have no time difference, aligning trading hours, their holidays surprisingly do not match.
Korean stock markets are closed on Sundays, Saturdays, and Korean public holidays. Some of these coincide with Japanese holidays, but many do not.
Particularly noteworthy are the Lunar New Year and Chuseok. Both are based on the lunisolar calendar, meaning their dates change every year, and they result in several days of consecutive holidays including the days before and after. From Japan's perspective, the Korean market will suddenly appear to be closed for several days. It is essential to check the dates for the current year at the beginning of the year.
In addition, holidays such as Samiljeol (Independence Movement Day), Children's Day, Buddha's Birthday, Hyeonchungil (Memorial Day), Gwangbokjeol (Liberation Day), Gaecheonjeol (National Foundation Day), Hangeul Day, and Christmas are also holidays. Buddha's Birthday is also based on the lunisolar calendar, so its date shifts. Furthermore, due to the treatment of substitute holidays when a public holiday falls on a weekend, it is most reliable to confirm the actual business days each year.
There is also a convention regarding the year-end. In Korea, it is customary for December 31st, the day after the last business day of the year, to be a holiday. Since this differs from Japan's year-end closing day, caution is advised when scheduling year-end rights settlements and payment dates.
The reverse is also true. On some days during Japan's Golden Week, Obon, and year-end/New Year holidays, the Korean market is open even when the Japanese market is closed. In situations where only one market is operating due to a holiday, it is common for the other market to follow with a gap upon reopening.
As a practical measure, it is recommended to check the annual business day calendar published by the Korea Exchange once at the beginning of the year and at least write down the dates for the Lunar New Year and Chuseok in your planner. If you get these two right, you can largely avoid major oversights.韓国株を持つ日本の投資家がカレンダー管理で最初につまずくのが休場日です。日韓は時差がないため取引時間は揃っていますが、休みの日は驚くほど揃いません。
韓国の証券市場が休むのは、日曜と土曜に加えて韓国の祝日です。日本と重なるものもありますが、多くは重なりません。
特に注意が必要なのが旧正月と秋夕の二つです。どちらも旧暦に基づくため毎年日付が変わり、前後を含めて数日間の連休になります。日本から見ると、韓国市場だけが突然数日止まって見えることになります。年初に必ずその年の日付を確認しておいてください。
このほか三一節、子どもの日、釈迦誕生日、顕忠日、光復節、開天節、ハングルの日、クリスマスなどが休場日にあたります。釈迦誕生日も旧暦基準なので日付が動きます。また祝日が土日と重なった場合の振替に関する扱いもあるため、実際の営業日は毎年確認するのが確実です。
年末についても慣行があります。韓国では年内最終営業日の翌日にあたる12月31日が休場となるのが通例です。日本の大納会の感覚とはずれるので、年末の権利確定や決済スケジュールを組むときは注意してください。
逆方向も同じです。日本のゴールデンウィーク、お盆、年末年始の一部の日には日本市場が閉まっていても韓国市場は開いています。祝日を挟んで一方だけが動く局面では、休み明けにギャップを伴って追随する動きが出やすくなります。
実務的な対処としては、韓国取引所が公表する年間の営業日カレンダーを年初に一度確認し、旧正月と秋夕の日付だけでも手帳に書き写しておくことをおすすめします。この二つを外さなければ、大きな取りこぼしはほぼ防げます。
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