Short selling, low capital input hurt stocks included into Kosdaq 150 index
이 글자크기로 변경됩니다.
(예시) 가장 빠른 뉴스가 있고 다양한 정보, 쌍방향 소통이 숨쉬는 다음뉴스를 만나보세요. 다음뉴스는 국내외 주요이슈와 실시간 속보, 문화생활 및 다양한 분야의 뉴스를 입체적으로 전달하고 있습니다.
Contrary to historical patterns, the addition of stocks to the index no longer guarantees a positive impact where abundant passive funds led to stock price surges.
The KRX study examined the stock performance of 62 companies newly included in the Kosdaq 150 over a three-month period following their inclusion. Surprisingly, the results indicated that 43 of these companies, or 69 percent, experienced a decline in stock prices compared with their previous levels.
May 2021 marks the reopening of short selling for Kospi 200 and Kosdaq 150 stocks. New stocks are added to the Kosdaq 150 twice a year.
For the stock returns from the past four regular index changes spanning 2021 and 2022, it was found that the average returns of newly included stocks in the Kosdaq 150 underperformed those of the broader Kosdaq market.
The study compared the three-month performance after inclusion for the first and second half of 2021, as well as the first half of 2022. Additionally, it examined the stock returns from the adjustment made in the second half of the previous year until May 23 of this year.
The disappointing effect of Kosdaq 150 inclusion can be attributed to the dwindling size of funds tracking the index due to the departure of several investors from the Kosdaq market. The net asset value of Kosdaq 150 exchange-traded funds (ETFs), which aim to mirror the performance of the Kosdaq 150 index, was down by about 11 percent to 1.78 trillion won ($1.34 billion) as of May 23 from 2.01 trillion won a year ago.
Moreover, the paradoxical phenomenon of index inclusion becoming perceived as a negative development has emerged since the resumption of short selling for Kospi 200 and Kosdaq 150 stocks.
Given the smaller market capitalization of Kosdaq-listed companies, heightened short selling can trigger significant volatility in their stock prices. The average daily trading volume of short selling for Kosdaq 150 stocks climbed from 99.6 billion won in 2021 to 132 billion won in 2022 to 232.4 billion won as of May 23.
“Many of the newly included companies in the index experienced substantial stock price increases before their inclusion, and this makes them attractive targets for short selling,” said Nam A-ran, an analyst at DAOL Investment & Securities Co.
Some companies are considering a migration to the Kospi market, where they can avoid being targeted by short sellers in the Kosdaq market.
However, some say that the issue will be resolved once short selling rules go back to normal, arguing that the current problem stems from the selective allowance of short selling for specific stocks, creating a market distortion, which differs from historical practices.
Copyright © 매일경제 & mk.co.kr. 무단 전재, 재배포 및 AI학습 이용 금지
- “푸틴 뒤통수 제대로 맞았다”…러시아 본토 공격한 이녀석들의 정체 - 매일경제
- 강남 부자들이 줄섰다는데…年19% 배당에 차익 노리는 이 상품은 - 매일경제
- “어차피 우리 구속 못해”…나이 믿고 온갖 범죄 저지른 중학생, 실형 - 매일경제
- 콧대높았던 이 술, 어쩌다 ‘줄도산’ 공포로 벌벌 떠나 - 매일경제
- “꽃다발 자랑하려고 외출했지”…구독자 10만명 돌파 감사 전한 조민 - 매일경제
- 단숨에 ‘12만 유튜버’ 된 조민…“데드리프트 90㎏ 친다” - 매일경제
- “역시 큰게 최고야”...올해도 세단보다 SUV 더 선택했다 - 매일경제
- ‘盧참모’ 조기숙 “‘코인 의혹’ 김남국 쉴드 민주당에 오만정 뚝” - 매일경제
- “경기둔화 우려” 한은, 기준금리 3회 연속 동결…연 3.50% - 매일경제
- ‘1년 자격 정지 징계’ 끝난 정지석, 男 대표팀 합류…AVC챌린저컵·항저우 AG 간다 - MK스포츠