Losses from equity-linked securities (ELS) tied to the performance of the Hang Seng China Enterprises Index (HSCEI) sold by Korea’s top five commercial lenders have almost reached 230 billion won ($171 million) for this year, market watchers said Sunday. The high-risk, high-volatility index encompasses 50 shares of Chinese firms traded outside mainland China.

More investors will incur losses in the coming months as the three-year securities mature, compounded further by the index plunging 11.12 percent since the beginning of the year. The HSCEI was among the few global benchmark indexes that recorded double-digit year-to-date declines.