Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

SK Bioscience: K200 Fast Entry, Lock-Up Expiry, Loan/Short Balance, & Exit Points

SK Bioscience K200 Entry: Potential Trades Reflecting SK Biopharm's Passive Inflow Pattern

SK BioS Lockup Release Today: FO Drop Can Signal a Tight Supply for Passive Mirroring K200

SK Bioscience to KOSPI 200 Is a Done Deal & A Likely Deletion

SK Bioscience IPO: Bookbuilding Results & KOSPI 200 Fast Entry

SK Bioscience IPO: Allocation & Lockup Schedule

SK Bioscience IPO: KOSPI200 Inclusion Certain; MSCI/FTSE Is a No Go; Watch SK Chem

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<p>SK Bioscience ended Day 2 with a 1.48% loss.</p><p>Unlike Day 1, the TV soared to 16.3% of the SO with a price volatility of 13.04% of the opening.</p><p>The price ended only 2.08% above the daily low.</p><table class="table table-striped">
<colgroup>
<col width="70">
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<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Date"}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>Date</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Close"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Close</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Open"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Open</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"High"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>High</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Low"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Low</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"U Wick"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>U Wick</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Body"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Body</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"L Wick"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>L Wick</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"TV/SO"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>TV/SO</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Volume"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Volume</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"x Open"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>x Open</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Daily Δ"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Daily Δ</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44274.64583333333}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}' data-sheets-formula="=Chart!R[506]C[0]">3/19/21</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":166500}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=Chart!R[506]C[3]">166,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":184000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=Chart!R[506]C[-1]">184,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":190000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=Chart!R[506]C[-1]">190,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":166000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=Chart!R[506]C[-1]">166,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.25}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=if((R[0]C[-4]-R[0]C[-3])&gt;0, (R[0]C[-4]-R[0]C[-2])/(R[0]C[-2]-R[0]C[-1]), (R[0]C[-3]-R[0]C[-2])/(R[0]C[-2]-R[0]C[-1]))">-25.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.7291666666666666}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-5]-R[0]C[-4])/(R[0]C[-3]-R[0]C[-2])">-72.92%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.020833333333333332}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=if((R[0]C[-6]-R[0]C[-5])&gt;0, (R[0]C[-5]-R[0]C[-3])/(R[0]C[-4]-R[0]C[-3]), (R[0]C[-6]-R[0]C[-3])/(R[0]C[-4]-R[0]C[-3]))">2.08%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.16299219607843138}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[1]/76500000">16.30%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":12468903}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=Chart!R[506]C[-4]">12,468,903</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.13043478260869565}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-7]-R[0]C[-6])/R[0]C[-8]">13.04%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.014792899408284023}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-10]-R[1]C[-10])/R[1]C[-10]">-1.48%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44273.64583333333}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}' data-sheets-formula="=Chart!R[506]C[0]">3/18/21</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":169000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=Chart!R[506]C[3]">169,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":130000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=Chart!R[506]C[-1]">130,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":169000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=Chart!R[506]C[-1]">169,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":130000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=Chart!R[506]C[-1]">130,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=if((R[0]C[-4]-R[0]C[-3])&gt;0, (R[0]C[-4]-R[0]C[-2])/(R[0]C[-2]-R[0]C[-1]), (R[0]C[-3]-R[0]C[-2])/(R[0]C[-2]-R[0]C[-1]))">0.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-5]-R[0]C[-4])/(R[0]C[-3]-R[0]C[-2])">100.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=if((R[0]C[-6]-R[0]C[-5])&gt;0, (R[0]C[-5]-R[0]C[-3])/(R[0]C[-4]-R[0]C[-3]), (R[0]C[-6]-R[0]C[-3])/(R[0]C[-4]-R[0]C[-3]))">0.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.011453450980392157}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[1]/76500000">1.15%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":876189}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=Chart!R[506]C[-4]">876,189</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-7]-R[0]C[-6])/R[0]C[-8]">30.00%</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'></td>
</tr>
<tr><td colspan="12">Source: KRX</td></tr>
</tbody>
</table><hr><p><strong>Now, what's noteworthy is a suspicious activity seen at the Kyobo account.</strong></p><p>Day 1, the trade was virtually frozen as the price immediately hit the daily ceiling after the market opened.</p><p>Only 876,189 shares changed hands, representing 1.15% of the SO.</p><table class="table table-striped">
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<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Date"}'>Date</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Type"}'>Type</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Retail"}'>Retail</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Foreign"}'>Foreign</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Local inst."}'>Local inst.</td>
</tr>
<tr>
<td rowspan="3" data-sheets-value='{"1":3,"3":44274}' data-sheets-numberformat='[null,5,"yyyy-mm-dd",1]'>2021-03-19</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Sell"}'>Sell</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":11746546}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>11,746,546</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":980169}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>980,169</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":447703}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>447,703</td>
</tr>
<tr>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Buy"}'>Buy</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":12850670}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>12,850,670</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":217284}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>217,284</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":208502}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>208,502</td>
</tr>
<tr>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Net"}'>Net</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1104124}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>1,104,124</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-762885}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>-762,885</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-239201}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>-239,201</td>
</tr>
<tr>
<td rowspan="3" data-sheets-value='{"1":3,"3":44273}' data-sheets-numberformat='[null,5,"yyyy-mm-dd",1]'>2021-03-18</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Sell"}'>Sell</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":576646}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>576,646</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":178783}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>178,783</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":102294}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>102,294</td>
</tr>
<tr>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Buy"}'>Buy</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":752889}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>752,889</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":100850}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>100,850</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":20300}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>20,300</td>
</tr>
<tr>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Net"}'>Net</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":176243}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>176,243</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-77933}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>-77,933</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-81994}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>-81,994</td>
</tr>
<tr><td colspan="5" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><p>What draws our attention is that 61% of the total buys on Day 1 came from the Kyobo account alone.</p><p>Yes, it is infrequent for a single brokerage, out of more than 60 brokerages, to take 60+% trades of stock in very high demand like this one on a single day.</p><table class="table table-striped">
<colgroup>
<col width="70">
<col width="70">
<col width="70">
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Kyobo"}'>Kyobo account</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Buy"}'>Sell</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Sell"}'>Buy</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Net"}'>Net</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Avg price"}'>Avg price</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44274}' data-sheets-numberformat='[null,5,"yyyy-mm-dd",1]'>2021-03-19</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":666280}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'><strong>666,280</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":152471}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>152,471</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-513809}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>-513,809</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":166500}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>166,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44273}' data-sheets-numberformat='[null,5,"yyyy-mm-dd",1]'>2021-03-18</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":900}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>900</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":529814}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'><strong>529,814</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":528914}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>528,914</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":169000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>169,000</td>
</tr>
<tr><td colspan="5" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><p>Then, where did this Day 1 portion from Kyobo go on Day 2?</p><p>About 480,000 shares got sold <strong>within 10 minutes after the opening on Day 2</strong>, and the remaining got fully liquidated before 9:30 AM.</p><p>In the first 10 minutes on Day 2, the price change peaked at 12%p.</p><p><strong>This Kyobo trade set the tone for this volatility very early on Day 2 and possibly for the rest of the day.</strong></p><p>Their one-day swing trade return is estimated at 8~12%.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Time"}'>Time</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Price (₩)"}'>Price (₩)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"TV"}'>TV</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"% to prev"}'>% to prev session</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.37569444444444444}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:01:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":185000}' data-sheets-numberformat='[null,2,"#,##0"]'>185,000</td>
<td style="text-align: right;" data-sheets-numberformat='[null,2,"#,##0"]'>-</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.09467455621301775}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">9.47%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.3763888888888889}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:02:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":186500}' data-sheets-numberformat='[null,2,"#,##0"]'>186,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":212847}' data-sheets-numberformat='[null,2,"#,##0"]'>212,847</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.10355029585798817}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">10.36%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.3770833333333333}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:03:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":189500}' data-sheets-numberformat='[null,2,"#,##0"]'>189,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":291542}' data-sheets-numberformat='[null,2,"#,##0"]'>291,542</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.12130177514792899}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">12.13%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.37777777777777777}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:04:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":186500}' data-sheets-numberformat='[null,2,"#,##0"]'>186,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":405693}' data-sheets-numberformat='[null,2,"#,##0"]'>405,693</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.10355029585798817}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">10.36%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.3784722222222222}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:05:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":180500}' data-sheets-numberformat='[null,2,"#,##0"]'>180,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":324453}' data-sheets-numberformat='[null,2,"#,##0"]'>324,453</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.06804733727810651}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">6.80%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.37916666666666665}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:06:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":181500}' data-sheets-numberformat='[null,2,"#,##0"]'>181,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":213182}' data-sheets-numberformat='[null,2,"#,##0"]'>213,182</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.07396449704142012}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">7.40%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.3798611111111111}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:07:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":175500}' data-sheets-numberformat='[null,2,"#,##0"]'>175,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":266934}' data-sheets-numberformat='[null,2,"#,##0"]'>266,934</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.038461538461538464}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">3.85%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.38055555555555554}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:08:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":174000}' data-sheets-numberformat='[null,2,"#,##0"]'>174,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":193794}' data-sheets-numberformat='[null,2,"#,##0"]'>193,794</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.029585798816568046}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">2.96%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.38125}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:09:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":174000}' data-sheets-numberformat='[null,2,"#,##0"]'>174,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":146324}' data-sheets-numberformat='[null,2,"#,##0"]'>146,324</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.029585798816568046}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">2.96%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.3819444444444444}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:10:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":172500}' data-sheets-numberformat='[null,2,"#,##0"]'>172,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":167856}' data-sheets-numberformat='[null,2,"#,##0"]'>167,856</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.020710059171597635}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">2.07%</td>
</tr>
<tr><td colspan="4">Source: KRX</td></tr>
</tbody>
</table><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/195/799/original/chart+%281%29.png?1616258828" class="editor-image img-responsive" data-smartkarma-image-id="195799"></figure></section>

SK Bioscience ended Day 2 with a 1.48% loss.Unlike Day 1, the TV soared to 16.3% of the SO with a price volatility of 13.04% of the opening.The price ended only 2.08% above the daily low.
















Date
Close
Open
High
Low
U Wick
Body
L Wick
TV/SO
Volume
x Open
Daily Δ


3/19/21
166,500
184,000
190,000
166,000
-25.00%
-72.92%
2.08%
16.30%
12,468,903
13.04%
-1.48%


3/18/21
169,000
130,000
169,000
130,000
0.00%
100.00%
0.00%
1.15%
876,189
30.00%


Source: KRX

Now, what's noteworthy is a suspicious activity seen at the Kyobo account.Day 1, the trade was virtually frozen as the price immediately hit the daily ceiling after the market opened.Only 876,189 shares changed hands, representing 1.15% of the SO.









Date
Type
Retail
Foreign
Local inst.


2021-03-19
Sell
11,746,546
980,169
447,703


Buy
12,850,670
217,284
208,502


Net
1,104,124
-762,885
-239,201


2021-03-18
Sell
576,646
178,783
102,294


Buy
752,889
100,850
20,300


Net
176,243
-77,933
-81,994

Source: KRX

What draws our attention is that 61% of the total buys on Day 1 came from the Kyobo account alone.Yes, it is infrequent for a single brokerage, out of more than 60 brokerages, to take 60+% trades of stock in very high demand like this one on a single day.









Kyobo account
Sell
Buy
Net
Avg price


2021-03-19
666,280
152,471
-513,809
166,500


2021-03-18
900
529,814
528,914
169,000

Source: KRX

Then, where did this Day 1 portion from Kyobo go on Day 2?About 480,000 shares got sold within 10 minutes after the opening on Day 2, and the remaining got fully liquidated before 9:30 AM.In the first 10 minutes on Day 2, the price change peaked at 12%p.This Kyobo trade set the tone for this volatility very early on Day 2 and possibly for the rest of the day.Their one-day swing trade return is estimated at 8~12%.








Time
Price (₩)
TV
% to prev session


9:01:00
185,000
-
9.47%


9:02:00
186,500
212,847
10.36%


9:03:00
189,500
291,542
12.13%


9:04:00
186,500
405,693
10.36%


9:05:00
180,500
324,453
6.80%


9:06:00
181,500
213,182
7.40%


9:07:00
175,500
266,934
3.85%


9:08:00
174,000
193,794
2.96%


9:09:00
174,000
146,324
2.96%


9:10:00
172,500
167,856
2.07%

Source: KRX



What Happened to SK Bioscience on Day 2 (Feat. Kyobo Securities)?