Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>With 70% of the review period complete, there could be 6 constituent changes for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a> in June.</li>
<li>The changes are driven mainly by the deletions with balancing adds to maintain the number of index constituents at 200.</li>
<li>The forecast adds have outperformed the forecast deletes but both sets of changes have underperformed the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a>. </li>
</ul>


With 70% of the review period complete, there could be 6 constituent changes for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) in June.
The changes are driven mainly by the deletions with balancing adds to maintain the number of index constituents at 200.
The forecast adds have outperformed the forecast deletes but both sets of changes have underperformed the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX). 


KOSPI200 Index Rebalance Preview: 6 Changes a Side for June

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX). </li>
<li>In this insight, we have presented our expectations for ADDs and DELs for the upcoming semiannual review in June 2026.</li>
<li>We expect up to 4 ADDs and 4 DELs in the June 2026 index rebal event based on the latest available data, but one name from each side has changed.</li>
</ul>


KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX). 
In this insight, we have presented our expectations for ADDs and DELs for the upcoming semiannual review in June 2026.
We expect up to 4 ADDs and 4 DELs in the June 2026 index rebal event based on the latest available data, but one name from each side has changed.


[Quiddity Index] KOSPI 200 Leaderboard for Jun26: 4 ADDs/DELs Possible Still But Some Name Changes

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>PLUS High Dividend ETF (161510 KS) reshuffle is now a key flow catalyst: June saw GS E&amp;C and HD Hyundai out, Hyundai Motor in, with sharp one-day moves.</li>
<li>December review shaping up as 2-in/2-out: Seoul Guarantee (031210) and LG Corp (003550) in, Shinhan (055550) and KB (105560) out.</li>
<li>Passive flows: Shinhan/KB ~0.3–0.4x DTV, LG ~3x, Seoul Guarantee 5–6x. With AUM up 30% since June, upcoming adds face outsized passive impact.</li>
</ul>


PLUS High Dividend ETF (161510 KS) reshuffle is now a key flow catalyst: June saw GS E&amp;C and HD Hyundai out, Hyundai Motor in, with sharp one-day moves.
December review shaping up as 2-in/2-out: Seoul Guarantee (031210) and LG Corp (003550) in, Shinhan (055550) and KB (105560) out.
Passive flows: Shinhan/KB ~0.3–0.4x DTV, LG ~3x, Seoul Guarantee 5–6x. With AUM up 30% since June, upcoming adds face outsized passive impact.


Flagging a New Passive Flow Trading Opportunity Triggered by Korea’s Divvy Policy Momentum

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, we discuss a pair trade between DL Holdings Co (000210 KS) (go long) and DL E&amp;C (375500 KS) (go short).</li>
<li>In the past three months, DL Holdings' share price is down 9.9% versus DL E&amp;C which is up 21%. We believe this gap has become too excessive.</li>
<li>The shares sold short volume/total traded volume ratio is more than double for DL E&amp;C versus DL Holdings from 31 March to 9 April. </li>
</ul>


In this insight, we discuss a pair trade between DL Holdings Co (000210 KS) (go long) and DL E&amp;C (375500 KS) (go short).
In the past three months, DL Holdings' share price is down 9.9% versus DL E&amp;C which is up 21%. We believe this gap has become too excessive.
The shares sold short volume/total traded volume ratio is more than double for DL E&amp;C versus DL Holdings from 31 March to 9 April. 


A Pair Trade Between DL Holdings and DL E&C

Korea Stock Exchange Kospi Index / Event-Driven

Korea Stock Exchange Kospi Index (KOSPI INDEX)

<ul>
<li>The Constitutional Court approved President Yoon’s impeachment. The PM steps in as interim president, with a new election expected by May 28, 2025, before June 3.</li>
<li>The Democratic Party is the frontrunner, and if they win, expect a "regime change trade" with policy shifts toward green energy, welfare, public stimulus, and SME-focused initiatives.</li>
<li>Big-Cap builders, nuclear stocks, and major financials may struggle if the new regime focuses on public housing, anti-nuclear policies, and pro-SME, labor-friendly initiatives.</li>
</ul>


The Constitutional Court approved President Yoon’s impeachment. The PM steps in as interim president, with a new election expected by May 28, 2025, before June 3.
The Democratic Party is the frontrunner, and if they win, expect a "regime change trade" with policy shifts toward green energy, welfare, public stimulus, and SME-focused initiatives.
Big-Cap builders, nuclear stocks, and major financials may struggle if the new regime focuses on public housing, anti-nuclear policies, and pro-SME, labor-friendly initiatives.


Yoon’s Impeachment Confirmed: Key Timeline & Regime Change Trade

South Korea

GS Engineering & Construction Corp. contracts civil engineering and architectural works, residential and commercial building constructions, and plant installations.  The Company also builds educational, leisure, distribution, and environmental facilities.

GS Engineering & Construction (006360 KS)

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GS Engineering & Construction (006360 KS)

KOSPI200 Index Rebalance Preview: 6 Changes a Side for June

There could be 6 constituent changes in June with passives needing to trade between 1.7-10.2x ADV in the stocks. The forecast adds have...

Brian Freitas

[Quiddity Index] KOSPI 200 Leaderboard for Jun26: 4 ADDs/DELs Possible Still But Some Name Changes

The KOSPI Jun26 rebal is now halfway through its data observation period. We still see 4 ADDs and 4 DELs. The names are slightly different but a...

Travis Lundy

Flagging a New Passive Flow Trading Opportunity Triggered by Korea’s Divvy Policy Momentum

This post flags a new passive flow trade kicking in on Korea’s divvy policy momentum, with upcoming index reshuffles and strong dividend trends...

Sanghyun Park

A Pair Trade Between DL Holdings and DL E&C

In this insight, we discuss a pair trade between DL Holdings Co (000210 KS) (go long) and DL E&C (375500 KS) (go short).

Douglas Kim

Yoon’s Impeachment Confirmed: Key Timeline & Regime Change Trade

Yoon’s impeachment confirmed: What is the immediate impact on the local stock market, and which sectors are likely to move.

Sanghyun Park

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