Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Event-Driven

<ul>
<li>KRX (and Korea FSS) no longer collects foreign investors' entire trade records in real time, as foreign investors are no longer traced based on their unique registration numbers.</li>
<li>Foreign investors are likely to engage in more aggressive short-term trading. We need to be prepared for significant price volatility, mainly for small and mid-cap stocks.</li>
<li>System changes for trade history management changes will be completed within the third quarter. So, we will likely witness new trading patterns from the fourth quarter of this year.</li>
</ul>

Brian Freitas

Pan-Asia Index Rebalances/Events/Delta One

Periscope Analytics

<ul>
<li>Following <a href="https://www.smartkarma.com/entities/cellivery-therapeutics" target="_blank" data-smartkarma-citation="entities:35612:1" rel="noopener">Cellivery Therapeutics (268600 KS)</a> designation as an Administrative Issue and an Investment Attention Issue, the stock 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">KOSDAQ 150 Index</a> and replaced with Humasis (205470 KS).</li>
<li>The timing of the index change is currently uncertain but will be implemented latest by the close of trading on 17 April.</li>
<li>Humasis (205470 KS) was limit up on Friday following the ex-date of a 1:3 scrip issue. The stock could continue to move higher over the next week.</li>
</ul>

<ul>
<li>There are a bunch of implementations in the coming week, the largest being the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> March rebalance.</li>
<li>There are some ad hoc changes to the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI2 INDEX</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index</a> following constituent stocks being designated as Administrative Issues and Investment Attention Issues.</li>
<li>Inflows to the <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-223f5da3-7054-4e4f-bc55-b7f0852c2581" target="_blank" data-smartkarma-citation="entities:31998:1" rel="noopener">iShares MSCI Emerging Markets ex China ETF (EMXC US)</a> have continued and has taken AUM to a new high.</li>
</ul>

<ul>
<li>Following <a href="https://www.smartkarma.com/entities/nanos-co-ltd" target="_blank" data-smartkarma-citation="entities:16796:1" rel="noopener">Nanos Co Ltd (151910 KS)</a>'s designation as an Investment Attention Issue, the stock 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> and replaced with <a href="https://www.smartkarma.com/entities/em-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:13531:1" rel="noopener">Em Tech Co Ltd (091120 KS)</a>.</li>
<li>Passive trackers are estimated to buy 1.3 days of ADV on <a href="https://www.smartkarma.com/entities/em-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:13531:1" rel="noopener">Em Tech Co (091120 KS)</a> while they will need to sell 1.1 days of ADV on <a href="https://www.smartkarma.com/entities/nanos-co-ltd" target="_blank" data-smartkarma-citation="entities:16796:1" rel="noopener">Nanos (151910 KS)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/em-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:13531:1" rel="noopener">Em Tech Co Ltd (091120 KS)</a> was up yesterday but the stock is still way off its highs. The stock should trade higher over the next few days.</li>
</ul>

<ul>
<li>There were a bunch of rebalances on Friday across Asia resulting in big flows across multiple stocks and countries.</li>
<li>The coming week is quieter with no scheduled rebalances - though the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index</a> rebalance could take place dependent on <a href="https://www.smartkarma.com/entities/kuk-il-paper-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:12706:1" rel="noopener">Kuk Il Paper Mfg (078130 KS)</a>'s trading resumption. </li>
<li>Inflows to China and Taiwan ETFs while Korean ETFs had outflows. Market volatility resulted in redemptions from <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets" target="_blank" data-smartkarma-citation="entities:438:1" rel="noopener">iShares MSCI Emerging Markets (EEM)</a> and <a href="https://www.smartkarma.com/entities/ishares-edge-msci-min-vol-emerging-markets-etf" target="_blank" data-smartkarma-citation="entities:725:1" rel="noopener">IShares MSCI Min Vol Emerging Markets (EEMV)</a>.</li>
</ul>

South Korea

KOSDAQ 150 Index is a base index for futures trading to hedge risks in KOSDAQ market. Base period and base index: Jan 4, 2010, 1000p

KOSDAQ 150 Index - KOSDQ150 INDEX

Korea No Longer Collects Foreigners' Real-Time Trade Data & Potential Increase in Spoofing Attempts

This post details the officially-confirmed measures to enhance foreign investors access to the local financial market outlined by the Korea FSC and...

Sanghyun Park

KOSDAQ150 Ad Hoc Index Rebalance: Humasis (205470 KS) To Replace Cellivery (268600 KS)

Humasis replaces Cellivery in the KOSDAQ150 Index - the timing of the change is currently uncertain. Humasis was a potential add in June - the...

Brian Freitas

Index Rebalance & ETF Flow Recap: MSCI KR, S&P/ASX, SSE50, ChiNext, NIFTY, KQ150, AMFI, Rakuten Bank

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

KOSDAQ150 Ad Hoc Index Rebalance: EM-Tech (091120 KS) To Replace SBW Life (151910 KS)

Following SBW Life's designation as an Investment Attention Issue, the stock will be deleted from the KOSDAQ150 and replaced with Em Tech. Change...

Brian Freitas

Index Rebalance & ETF Flow Recap: STAR50, HSCEI, CSI300, KOSDAQ150, Japan Post Bank

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas