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

Korea Stock Exchange KOSPI 200 / Event-Driven

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. </li>
<li>Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.</li>
<li>There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.</li>
</ul>


Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. 
Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.
There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.


Korea: Short Selling Is Back in March; Trade Ideas

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<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 December 2026.</li>
<li>79% of the reference period for the December 2026 rebal is complete. We see up to 5 ADDs and 6 DELs. </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 December 2026.
79% of the reference period for the December 2026 rebal is complete. We see up to 5 ADDs and 6 DELs. 


[Quiddity Index] KOSPI 200 Leaderboard for Dec26 Rebal: 5 ADDs,6 DELs; Some Name Changes

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Korea Exchange announced its KOSPI200 rebalance changes on 27 May. It added 8 companies and deleted 8 companies. KRX also added 9 companies and deleted 9 companies in KOSDAQ 150. </li>
<li>These 8 new inclusions in KOSPI200 are up on average 49.8% in the past one year. The 8 deletions to KOSPI200 are down on average 45.2% in the past one year.</li>
<li>There were numerous surprises to the KOSDAQ150 rebalances.  In particular, three companies are relative surprises to the KOSDAQ150 additions including Solid Inc, Zeus Co, and Wemade Max.   </li>
</ul>


Korea Exchange announced its KOSPI200 rebalance changes on 27 May. It added 8 companies and deleted 8 companies. KRX also added 9 companies and deleted 9 companies in KOSDAQ 150. 
These 8 new inclusions in KOSPI200 are up on average 49.8% in the past one year. The 8 deletions to KOSPI200 are down on average 45.2% in the past one year.
There were numerous surprises to the KOSDAQ150 rebalances.  In particular, three companies are relative surprises to the KOSDAQ150 additions including Solid Inc, Zeus Co, and Wemade Max.   


KOSPI 200 and KOSDAQ 150 Constituent Changes Announced: A Few Surprises

<ul>
<li>In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months.</li>
<li>All in all, this end of mandatory lock-up period monthly data continues to provide some alpha generating results.</li>
<li>In the past six months, they have tended to work better in periods when KOSPI declines rather than in periods when KOSPI rises. </li>
</ul>


In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months.
All in all, this end of mandatory lock-up period monthly data continues to provide some alpha generating results.
In the past six months, they have tended to work better in periods when KOSPI declines rather than in periods when KOSPI rises. 


Back Testing the End of Mandatory Lock-Up Periods Monthly Data in Korea

<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>We expect up to 5 ADDs/6 DELs in the KOSPI 200 index during the next semiannual review in December 2026. Roughly 61% of the reference period is now complete. </li>
<li>There is the potential for sector threshold borderline volatility to change both the number of name changes and the names themselves. </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). 
We expect up to 5 ADDs/6 DELs in the KOSPI 200 index during the next semiannual review in December 2026. Roughly 61% of the reference period is now complete. 
There is the potential for sector threshold borderline volatility to change both the number of name changes and the names themselves. 


[Quiddity Index] KOSPI 200 Leaderboard for Dec26 Rebal: 5 ADDs, 6 DELs

South Korea

Sam-A Aluminum Co., Ltd. manufactures aluminum foils for cigarette and food packaging, window frames, and related products.  The Company also produces aluminum powder used for painting ships, automobiles, and bridges.

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Sam A Aluminum (006110 KS)

Korea: Short Selling Is Back in March; Trade Ideas

Short selling in Korea commences from Monday. There will be a lot of interest in shorting stocks/sectors depending on how they have performed since...

Brian Freitas

[Quiddity Index] KOSPI 200 Leaderboard for Dec26 Rebal: 5 ADDs,6 DELs; Some Name Changes

The KOSPI rebal for December 2026 continues to see the expected name changes switch around. We still have 20% of the observation period left. Some...

Travis Lundy

KOSPI 200 and KOSDAQ 150 Constituent Changes Announced: A Few Surprises

Korea Exchange announced its KOSPI200 rebalance changes on 27 May. It added 8 companies and deleted 8 companies. KRX also added 9 companies and...

Douglas Kim

Back Testing the End of Mandatory Lock-Up Periods Monthly Data in Korea

In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months....

Douglas Kim

[Quiddity Index] KOSPI 200 Leaderboard for Dec26 Rebal: 5 ADDs, 6 DELs

The period for the Dec26 KOSPI rebalance is 60% complete. We are at 5 ADDs / 6 DELETEs due to a spinoff occurring next week. A bit early to bet but...

Travis Lundy

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