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

Event-Driven

<ul>
<li>On 6 November, <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a>'s Board approved the delisting of the stock from the KOSDAQ market and the listing on the KOSPI market. Shareholders approved on 8 December.</li>
<li>
<a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen</a> has not yet applied to the KRX for the listing change. While the listing transfer approval had historically taken around 2-3 months, there have been no approvals recently.</li>
<li>
<a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen</a> will be deleted from the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ150 Index</a> on its last trading day and inclusion in the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI200 Index</a> will take place at the next regular rebalance (or earlier).</li>
</ul>


On 6 November, Alteogen Inc (196170 KS)'s Board approved the delisting of the stock from the KOSDAQ market and the listing on the KOSPI market. Shareholders approved on 8 December.

Alteogen has not yet applied to the KRX for the listing change. While the listing transfer approval had historically taken around 2-3 months, there have been no approvals recently.

Alteogen will be deleted from the KOSDAQ150 Index on its last trading day and inclusion in the KOSPI200 Index will take place at the next regular rebalance (or earlier).


Alteogen (196170 KS): Index Impact of KOSDAQ to KOSPI Transfer

Index Rebalance

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.</li>
<li>A third of the way through the averaging period, we forecast 37 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap, 2 to SmallCap.</li>
<li>The upward migrations have outperformed the downward migrations by a lot over the last few months. The gap between the small and mid-cap migrations has continued to widen.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.
A third of the way through the averaging period, we forecast 37 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap, 2 to SmallCap.
The upward migrations have outperformed the downward migrations by a lot over the last few months. The gap between the small and mid-cap migrations has continued to widen.


KOSPI Size Indices: Small-To-Mid Migrations Running Up

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices will commence on 1 December and will end on 28 February.</li>
<li>Nearing the start of the averaging period, we forecast 34 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap and 2 to SmallCap.</li>
<li>The upward migrations have outperformed the downward migrations by a lot over the last 3 months. The gap in returns versus 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> is a lot smaller.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices will commence on 1 December and will end on 28 February.
Nearing the start of the averaging period, we forecast 34 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap and 2 to SmallCap.
The upward migrations have outperformed the downward migrations by a lot over the last 3 months. The gap in returns versus the KOSPI2 INDEX is a lot smaller.


KOSPI Size Indices: Lots of Change as Averaging Starts

<ul>
<li>With the review period complete, there could be 7 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 December.</li>
<li>There may not be any intra-review changes following the <a href="https://www.smartkarma.com/entities/hd-hyundai-heavy-industries-co" target="_blank" data-smartkarma-citation="entities:33808:1" rel="noopener">Hyundai Heavy Industries</a>/ <a href="https://www.smartkarma.com/entities/hd-hyundai-mipo" target="_blank" data-smartkarma-citation="entities:2755:1" rel="noopener">Hyundai Mipo</a> merger due to timing and also due to <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics</a>' spinoff being added to the index.</li>
<li>The forecast adds have outperformed the forecast 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> over the last few months and in the short-term too.</li>
</ul>


With the review period complete, there could be 7 changes for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) in December.
There may not be any intra-review changes following the Hyundai Heavy Industries/ Hyundai Mipo merger due to timing and also due to Samsung Biologics' spinoff being added to the index.
The forecast adds have outperformed the forecast deletes and the KOSPI2 INDEX over the last few months and in the short-term too.


KOSPI200 Index Rebalance Preview: 7 Changes a Side for December

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Exchange holidays: Early October holidays in China (Golden Week) and South Korea (Chuseok) may dampen market activity, while India’s Diwali on 21–22 October brings the traditional Muhurat trading session.</li>
<li>
Earnings season begins in the final third of October across India, Japan, China/Hong Kong, and South Korea, alongside key central bank meetings and the TOPIX rebalance on 30 October.</li>
<li>
Why Read: Plan ahead and take into account known market events when making investment and trading decision.</li>
</ul>



Exchange holidays: Early October holidays in China (Golden Week) and South Korea (Chuseok) may dampen market activity, while India’s Diwali on 21–22 October brings the traditional Muhurat trading session.

Earnings season begins in the final third of October across India, Japan, China/Hong Kong, and South Korea, alongside key central bank meetings and the TOPIX rebalance on 30 October.

Why Read: Plan ahead and take into account known market events when making investment and trading decision.


Earnings Kickoff Dominates October 2025 Key Events

South Korea

The KOSPI Index is a capitalization-weighted index of all common shares on the Korean Stock Exchanges. The Index was developed with a base value of 100 as of January 4, 1980. Note: The preferred shares are excluded in calculating the KOSPI Index from June 14, 2002. 

Korea Stock Exchange Kospi Index (KOSPI INDEX)

Korea Stock Exchange Kospi Index (KOSPI INDEX)

Alteogen (196170 KS): Index Impact of KOSDAQ to KOSPI Transfer

Alteogen's shareholders have approved the KOSDAQ to KOSPI transfer. Given recent delays, the timeline could be long drawn out. KOSPI200 buying will...

Brian Freitas

KOSPI Size Indices: Small-To-Mid Migrations Running Up

There could be 37 migrations across categories in March, plus new listings being added. The small-to-mid cap migrations have continued to move...

Brian Freitas

KOSPI Size Indices: Lots of Change as Averaging Starts

There could be 34 migrations for the KOSPI Size Indices in March. Among new listings, there could be 1 LargeCap add, 2 MidCap adds and 2 SmallCap...

Brian Freitas

KOSPI200 Index Rebalance Preview: 7 Changes a Side for December

If the merger offsets the spinoff, there could be 7 index changes in Dec. Passive impact on the stock varies between 0.7-21x ADV. Adds have...

Brian Freitas

Earnings Kickoff Dominates October 2025 Key Events

October 2025 kicks off earnings season – reports from Fast Retailing (9983 JP), ICICI Bank (ICICIB IN) & more – alongside holidays and central bank...

Gaudenz Schneider