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>The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.</li>
<li>Nearing the end of the review period, we forecast 49 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.</li>
<li>There are a number of stocks that will have passive flow from global index trackers over the next few weeks, while some are potential changes to the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI2</a> in December.</li>
</ul>


The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.
Nearing the end of the review period, we forecast 49 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.
There are a number of stocks that will have passive flow from global index trackers over the next few weeks, while some are potential changes to the KOSPI2 in December.


KOSPI Size Indices: Passive Flows for Many Active Changes

<ul>
<li>The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.</li>
<li>Nearing halfway in the review period, we forecast 53 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.</li>
<li>Two potential downward migrations could be deleted from a global index in August. The new listing that is a potential LargeCap add could be added to a globalindex in September.</li>
</ul>


The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.
Nearing halfway in the review period, we forecast 53 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.
Two potential downward migrations could be deleted from a global index in August. The new listing that is a potential LargeCap add could be added to a globalindex in September.


KOSPI Size Indices: Overlaps Between Active & Passive Flows

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

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.

<ul>
<li>June rebal results are mostly in line, but Korea District Heating’s add and PI Advanced Materials’s drop surprised; Fadu missed KQ150 likely on KRX’s qual screen.</li>
<li>As for Value-up Index, KRX avoided bold calls like cutting Samsung Electronics or Hanwha Aerospace, favoring stability over surprises—though this may further blur the Value-up Index’s purpose and spark criticism.</li>
<li>June’s KRX rebalance flow looks muted amid macro noise and politics; expect punchier post-announcement trading but watch for momentum to fade about a week before June 13.</li>
</ul>


June rebal results are mostly in line, but Korea District Heating’s add and PI Advanced Materials’s drop surprised; Fadu missed KQ150 likely on KRX’s qual screen.
As for Value-up Index, KRX avoided bold calls like cutting Samsung Electronics or Hanwha Aerospace, favoring stability over surprises—though this may further blur the Value-up Index’s purpose and spark criticism.
June’s KRX rebalance flow looks muted amid macro noise and politics; expect punchier post-announcement trading but watch for momentum to fade about a week before June 13.


My Take on June KS200, KQ150 & Value-Up Index Rebal

South Korea

PI Advanced Materials Co., Ltd. manufactures and sells plastics films. The Company produces and sells polyimide films and other products. PI Advanced Materials conducts businesses in South Korea.

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PI Advanced Materials (178920 KS)

KOSPI Size Indices: Passive Flows for Many Active Changes

There could be 49 migrations for the KOSPI Size Indices in Sep. Among new listings, there could be 1 LargeCap add and 3 MidCap adds. There are...

Brian Freitas

KOSPI Size Indices: Overlaps Between Active & Passive Flows

There could be 53 migrations for the KOSPI Size Indices in Sep. Among new listings, there could be 1 LargeCap add and 3 MidCap adds. There are 2...

Brian Freitas

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

My Take on June KS200, KQ150 & Value-Up Index Rebal

Here’s my take on June’s KS200, KQ150, and Value-up Index reshuffle — the key moves, who’s in or out, and what to watch.

Sanghyun Park

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