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 KRX. Here we look at Dec25 index rebal.</li>
<li>We expect up to 6 ADDs and 6 DELs in the KOSPI 200 index during the December 2025 index rebal event based on the latest available data.</li>
<li>This is up from 4 ADDs and 4 DELs last month, but there is a <em>lot</em> of potential sector threshold borderline volatility to change both the number and the names.</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 KRX. Here we look at Dec25 index rebal.
We expect up to 6 ADDs and 6 DELs in the KOSPI 200 index during the December 2025 index rebal event based on the latest available data.
This is up from 4 ADDs and 4 DELs last month, but there is a lot of potential sector threshold borderline volatility to change both the number and the names.


[Quiddity Index Jul25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet

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

<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

<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 take a look at the names leading the race to become ADDs and DELs during the next semiannual review in December 2025.</li>
<li>We expect up to 4 ADDs and 4 DELs in the KOSPI 200 index during the December 2025 index rebal event based on the latest available data.</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 take a look at the names leading the race to become ADDs and DELs during the next semiannual review in December 2025.
We expect up to 4 ADDs and 4 DELs in the KOSPI 200 index during the December 2025 index rebal event based on the latest available data.


[Quiddity Index Jun25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>In this insight, we analyze the top 10 performing stocks in KOSPI in each of the past five years (2019-2023) as well as for this entire period.</li>
<li>The top 10 performing stocks in KOSPI were up on average 310% in 2023, sharply outperforming KOSPI which was up 19%. </li>
<li>There are some important takeaways from a review of the top 10 performing stocks in each of the five years in KOSPI, including market cap, sector rotation, and turnarounds.</li>
</ul>


In this insight, we analyze the top 10 performing stocks in KOSPI in each of the past five years (2019-2023) as well as for this entire period.
The top 10 performing stocks in KOSPI were up on average 310% in 2023, sharply outperforming KOSPI which was up 19%. 
There are some important takeaways from a review of the top 10 performing stocks in each of the five years in KOSPI, including market cap, sector rotation, and turnarounds.


KOSPI Superperformance Stocks (2019-2023)

HDC Hyundai Development Co-Engineering & Construction / Index Rebalance

HDC Hyundai Development Co-Engineering & Construction

<ul>
<li>There will be 7 additions and 7 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 EQUITY)</a> at the December rebalance that will be implemented on 14 December.</li>
<li>The rebalance is on expected lines, though the index committee decided not to add <a href="https://www.smartkarma.com/entities/youngpoong-paper-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:3467:1" rel="noopener">Youngpoong Paper (006740 KS)</a> to the index. Not really a big surprise given the price move.</li>
<li>
<a href="https://www.smartkarma.com/entities/hdc-hyundai-development-co-engineering-construction" target="_blank" data-smartkarma-citation="entities:27397:1" rel="noopener">HDC Hyundai Development Co-Engineering &amp; Construction (294870 KS)</a> is a surprise delete and there is not much short interest that could cover against the passive selling.</li>
</ul>


There will be 7 additions and 7 deletions for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY) at the December rebalance that will be implemented on 14 December.
The rebalance is on expected lines, though the index committee decided not to add Youngpoong Paper (006740 KS) to the index. Not really a big surprise given the price move.

HDC Hyundai Development Co-Engineering &amp; Construction (294870 KS) is a surprise delete and there is not much short interest that could cover against the passive selling.


KOSPI200 Index Rebalance: Mostly Expected Though Some Discretion Used

South Korea

TCC Steel manufactures and sells electrolytic and copper coated tinplates.  The Company supplies its products to the food, beverage, electronic, and automobile industries. TCC Steel also operates plant construction services as well as real estate leasing businesses.

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Tcc Steel (002710 KS)

[Quiddity Index Jul25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet

We see 6 ADDs and 6 DELs for the December 2025 KOSPI rebal BUT we note that there is a LOT of potential volatility because of the various...

Travis Lundy

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

[Quiddity Index Jun25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet

The KOSPI rebal for June is done. The big short did well on the last leg, the longs just meh. Now we go to Dec25 rebal, 25% of the data is in....

Travis Lundy

KOSPI Superperformance Stocks (2019-2023)

There are some important takeaways from a review of the top 10 performing stocks in each of the five years in KOSPI, including market cap, sector...

Douglas Kim

KOSPI200 Index Rebalance: Mostly Expected Though Some Discretion Used

There are 7 changes for the KOSPI200 in December. While most changes are expected, there are a few surprises. Impact is large on most stocks and...

Brian Freitas

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[Quiddity Index Jul25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet

We see 6 ADDs and 6 DELs for the December 2025 KOSPI rebal *BUT* we note that there is a LOT of potential volatility because of the various...

Travis Lundy

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

[Quiddity Index Jun25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet

The KOSPI rebal for June is done. The big short did well on the last leg, the longs just meh. Now we go to Dec25 rebal, 25% of the data is in....

Travis Lundy

KOSPI Superperformance Stocks (2019-2023)

There are some important takeaways from a review of the top 10 performing stocks in each of the five years in KOSPI, including market cap, sector...

Douglas Kim

KOSPI200 Index Rebalance: Mostly Expected Though Some Discretion Used

There are 7 changes for the KOSPI200 in December. While most changes are expected, there are a few surprises. Impact is large on most stocks and...

Brian Freitas

We see 6 ADDs and 6 DELs for the December 2025 KOSPI rebal BUT we note that there is a LOT of potential volatility because of the various...