Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jun 6th. The aggregated holding was USD571.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD829mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix (000660 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jun 6th. The aggregated holding was USD571.3bn.
We estimate that foreign flows to be inflows of USD829mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix (000660 KS).


KRX Foreign Holding Weekly (Jun 6th): SK Hynix

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of May 30th. The aggregated holding was USD537.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD964mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Sme, Hyundai Rotem, Samsung Heavy Industries, Doosan Enerbility, Kakao, SK Hynix.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of May 30th. The aggregated holding was USD537.8bn.
We estimate that foreign flows to be inflows of USD964mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Sme, Hyundai Rotem, Samsung Heavy Industries, Doosan Enerbility, Kakao, SK Hynix.


KRX Foreign Holding Weekly (May 30th): Sme, Hyundai Rotem, Samsung Heavy Industries

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.

Index Rebalance

<ul>
<li>June’s rebalance brings rare moves in key sector indices: HD Hyundai Marine Solution (443060 KS) joins Heavy Industry, while Cosmo AM&amp;T (005070 KS) exits IT.</li>
<li>TIGER flows on June 12 may hit KRW 6B (HD Marine) and KRW 4B (Cosmo), implying 0.3–0.6x DTV impact — notable given both names' low liquidity.</li>
<li>KOSPI 200 flows may fade early, but TIGER sector flows remain stealthy, raising odds of flow-driven price action on June 12 — a potential long-short day trade setup.</li>
</ul>


June’s rebalance brings rare moves in key sector indices: HD Hyundai Marine Solution (443060 KS) joins Heavy Industry, while Cosmo AM&amp;T (005070 KS) exits IT.
TIGER flows on June 12 may hit KRW 6B (HD Marine) and KRW 4B (Cosmo), implying 0.3–0.6x DTV impact — notable given both names' low liquidity.
KOSPI 200 flows may fade early, but TIGER sector flows remain stealthy, raising odds of flow-driven price action on June 12 — a potential long-short day trade setup.


An Off-Radar One-Day Passive Flow Trading Play from the KOSPI 200 Sector Indices

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

HD Hyundai Marine Solution  / Index Rebalance

<ul>
<li>There will be 8 additions and 8 deletions 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> at the next rebalance to be implemented at the close on 12 June.</li>
<li>The inclusion of <a href="https://www.smartkarma.com/entities/korea-district-heating-corp" target="_blank" data-smartkarma-citation="entities:8806:1" rel="noopener">Korea District Heating (071320 KS)</a> is a surprise and leads to an extra deletion - all the other adds are exactly in line with forecasts.</li>
<li>The list of adds has been stable for the last few months and the stocks have outperformed the deletes and the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI2 INDEX</a> since the start of the review period.</li>
</ul>


There will be 8 additions and 8 deletions for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the next rebalance to be implemented at the close on 12 June.
The inclusion of Korea District Heating (071320 KS) is a surprise and leads to an extra deletion - all the other adds are exactly in line with forecasts.
The list of adds has been stable for the last few months and the stocks have outperformed the deletes and the KOSPI2 INDEX since the start of the review period.


KOSPI200 Index Rebalance: 8 Changes a Side with 2 Surprises

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Miwon Specialty Chemical / Index Rebalance

<ul>
<li>The June 2025 index review results for the KOSPI Indices were announced after the close on Tuesday 27th May 2024.</li>
<li>There will be eight ADDs and eight DELs for KOSPI 200 during the June 2025 index rebal event. Some have high impact but round-trip flow is about US$175mm.</li>
<li>We <em>were</em> expecting six ADDs and six DELs. All of those turned out to be correct but there were some surprises (more ADDs and DELs than we expected). Explained below.</li>
</ul>


The June 2025 index review results for the KOSPI Indices were announced after the close on Tuesday 27th May 2024.
There will be eight ADDs and eight DELs for KOSPI 200 during the June 2025 index rebal event. Some have high impact but round-trip flow is about US$175mm.
We were expecting six ADDs and six DELs. All of those turned out to be correct but there were some surprises (more ADDs and DELs than we expected). Explained below.


KOSPI200 Jun25 Rebal: A Whopping 8 ADDs 8 DELETEs, At Least 1 Surprise - Some High ADV Changes

South Korea

HD Hyundai Marine Solution Co., Ltd. operates as a engineering service company. The Company provides maintenance and other related services. HD Hyundai Marine Solution also offers ecological friendly solution development, smart solution utilizing information and communications technology, and power plant services.

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HD Hyundai Marine Solution (443060 KS)

KRX Foreign Holding Weekly (Jun 6th): SK Hynix

We analyzed KRX foreign holding data for the past week. We highlighted foreign holding changes in SK Hynix (000660 KS).

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (May 30th): Sme, Hyundai Rotem, Samsung Heavy Industries

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sme, Hyundai Rotem, Samsung Heavy Industries,...

Ke Yan, CFA, FRM

An Off-Radar One-Day Passive Flow Trading Play from the KOSPI 200 Sector Indices

This post dives into an off-radar, one-day passive flow trading play within the KOSPI 200 sector indices, highlighting how subtle ETF-driven moves...

Sanghyun Park

KOSPI200 Index Rebalance: 8 Changes a Side with 2 Surprises

There are 8 changes with most on expected lines. Cosmo AM&T will also be sold by the IT sector ETF. Shorts have increased in a few stocks since the...

Brian Freitas

KOSPI200 Jun25 Rebal: A Whopping 8 ADDs 8 DELETEs, At Least 1 Surprise - Some High ADV Changes

KOSPI announced its KOSPI 200 changes for the June 2025 rebalance today. 8 ADDs, 8 DELETEs. We expected 6, missed one because of a float difference...

Travis Lundy

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