Pension funds sold 2288 billion won a day… Pay attention to the D-1 national pension decision

Input 2021.03.25 17:35 | Revision 2021.03.25 18:17

The National Pension Service held a meeting of the Fund Management Committee (Fund Committee) on the 26th to discuss the agenda for rebalancing (asset adjustment), and sold about 200 billion won in the domestic stock market on the 25th, the day before.

On this day, pension funds, including the national pension, sold a total of 2288 billion won in the securities market. The pension fund has been selling for 7 consecutive trading days since the 17th, and the cumulative net selling amount during this period reached a total of 1.62 trillion won.

Pension funds are especially Samsung Electronics (005930), NAVER(035420), SK hynix (000660)It was estimated that they sold a large number of stocks with the highest market capitalization, such as. According to the Korea Exchange, the pension fund sold Samsung Electronics for 77.3 billion won. NAVER and SK Hynix net sold 17 billion won and 16.6 billion won, respectively. Besides Hyundai Motor (005380), Samsung SDI (006400), Hyundai Mobis (012330), Korea Electric Power (015760)And sold large stocks in large quantities.

On the 26th, the National Pension Service plans to discuss whether to increase the target ratio of domestic stocks among all assets. On the 24th of last month, Minister of Health and Welfare Kwon Deok-cheol concluded the second meeting of the National Pension Fund Committee and said, “When the stock price is between 2000 and 3000, the National Pension Fund Management Headquarters will review what to do with the rebalancing problem, and report it to the next fund committee. “I once said.

Currently, the national pension target ratio of domestic stocks is 16.8%, and the allowable limit of strategic asset allocation (an asset management method that recognizes up to a certain limit even if the ratio of the asset becomes higher or lower than the target value due to a change in asset price) is 2% points. For this reason, the holding limit of domestic stocks is only 15.97 trillion won.

At the end of last year, the National Pension had a domestic stock of 176.7 trillion won. For this reason, it has been selling in bulk since the beginning of the year to meet the target ratio. Accordingly, the KOSPI index fell by 8.5% from 3266.23 (as of January 11), the highest point at the beginning of the year.

As mass sales poured out a day before the fund committee was held, an official in the securities industry said, “If the National Pension Service announced on the 26th that it would increase the proportion of domestic stocks held on the fund, it would be difficult to sell stocks for a while. Isn’t it?”

There is also an opinion that it is difficult to say that the National Pension Service has made a preemptive response ahead of the fund committee. Hwang Se-woon, a research fellow at the Capital Markets Research Institute, said, “200 billion won is not that much money for the national pension,” he said. “The national pension is just maintaining a short stock position as it has been doing recently.”