CITIC's warning suggests Korean equities remain vulnerable to further bouts of forced selling, with liquidation rates still running six to eight times above levels seen in stable markets. Investors with exposure to Korean equities, particularly leveraged retail heavy segments, may want to watch daily margin balance and liquidation data closely for signs the unwind is nearing completion. ---CITIC Securities is one of China's largest investment banks and securities firms, headquartered in Beijing, with operations spanning brokerage, investment banking, asset management and research across Asian and global markets. ---CITIC Securities warns Korean equities remain exposed to further forced selling even after a rapid unwind in retail leverage. Taken together, CITIC said these dynamics point to continued elevated volatility in South Korean equities in the near term, as the market works through the remaining leverage overhang without the benefit of a clearly defined backstop.