[NH투자증권 리포트]
The US short sale also shows signs of spreading to Daejeon and Korea,
“The speculative short selling that will trigger the short squeeze is not big.”
“It may rise for the time being due to the supply and demand effect of related stocks,
The situation is different from the US, so we need to lower the rising eye level.”
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The U.S.’Game Stop (GME)’ situation is showing signs of reoccurrence in Korea, but the situation is different from that of the U.S., so it is necessary to lower the eye level for the stock price rise.
According to the Korea Exchange on the 2nd, Celltrion ended trading at 271,000 won in the stock market on the previous day, up 14.51% from the previous trading day. HLB in the KOSDAQ market closed at 96,500 won, an increase of 7.22%. The short selling balances of Celltrion and HLB are KRW 2,111 trillion and KRW 314 billion, respectively, and are the top stocks in short selling balances in the KOSPI and KOSDAQ markets. After half of the success of the’GameStop’ incident, where individual US investors inflicted large losses against short-selling funds, individual investor groups in Korea announced that they would launch an anti-short-selling campaign. However, on the previous day, foreigners and institutions net bought the stock, and individuals began to realize profits.
Noh-gil, a researcher at NH Investment & Securities, said, “A movement similar to the case of a short squeeze in the US stock market (a phenomenon in which the stock price is soaring without falling in a situation where there is a lot of short selling balance) is being observed in Korea.” The (anti-short selling) movement has great potential.”
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However, it is pointed out that there is a need to lower expectations for stock price earnings because the market environment is different from the US. This is because, unlike the US, short selling restrictions in the Korean stock market continue for nearly a year, and the size of speculative short selling (short traders who did not establish a hedge position) that will trigger short squeezes may not be larger than expected.
NH Investment & Securities estimates that the remaining short selling balance will be attributed to market makers or ETF liquidity providers. Researcher Noh said, “Market makers and liquidity providers are investors who have established hedge positions, and it is difficult to induce short squeezes due to rising spot prices.” The percentage of the KOSDAQ 150 reached 3.7% and 2.7%, respectively, so a significant portion of the hedge position would have been established.”
It should also be taken into account that the ratio of the number of short-selling shares to the number of shares in circulation is not high. Celltrion, Celltrion Healthcare, and Celltrion Pharmaceutical’s ratio of short-selling shares to the number of circulating shares are low at 6.2%, 1.6%, and 1.5%, respectively. HLB and Helix Miss are relatively high at 8% and 10%, respectively, but are lower than the US short squeeze stocks, which exceed 100%.
Researcher Roh said, “The domestic stock buying movement has sufficient potential, but it must be kept in mind that there are differences from the US. Related stocks may rise for the time being due to the supply and demand effect of individual investors’ interest, but the eye level for the rise will be lowered. There is a need.”
/ Reporter Lee Seung-bae [email protected]
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