Korean Stocks experienced significant volatility as the KOSPI index fell 463.81 points, or 6.37%, to close at 6,820.60, while the KOSDAQ dropped 37.59 points, or 4.53%, to 791.84. The decline was driven by weakness in semiconductor stocks, including a sharp drop in SK Hynix American Depositary Receipts overnight. Top-performing investors at Mirae Asset Securities, representing the top 1% by monthly returns, net purchased Alteogen and Samsung Electronics while net selling SK Hynix during the downturn. The KOSPI surrendered the 7,000 level, reversing three consecutive days of gains.
Top Investors Net Buy Alteogen Amid Price Decline
According to Mirae Asset Securities, as of 11:00 AM on the trading day, high-return investors most heavily net purchased Alteogen, followed by Samsung Electronics and Samsung Electronics preferred shares. Alteogen traded down 2.77% at 280,500 won as of 11:00 AM and closed down 4.16% at 276,500 won. The company is a KOSDAQ leading stock that has expanded technology transfer contracts with global big pharma companies using its subcutaneous (SC) formulation conversion platform technology. The stock declined recently amid concerns that Samsung Bioepis' acquisition of SC formulation technology could weaken Alteogen's competitiveness. The net buying was analyzed as bottom-fishing demand flowing into large-cap biotech stocks during the correction phase.
Samsung Electronics Attracts Bottom-Fishing Demand
Samsung Electronics ranked second in net purchases by top investors. The stock traded down 8.32% at 256,250 won during the session and closed down 8.77% at 255,000 won. The broader index declined sharply following overnight profit-taking in U.S. semiconductor stocks, combined with concerns about the semiconductor industry outlook. The net buying was analyzed as top investors engaging in bottom-fishing as Samsung Electronics' decline deepened. Samsung Electronics preferred shares also ranked third in net purchases, appearing to attract buying interest due to undervaluation. Samsung Electronics preferred shares closed down 10.42% at 172,000 won.
SK Hynix Leads Net Selling List
SK Hynix ranked first among net selling by top investors on the trading day, followed by LG Energy Solution and Daeduck Electronics.
Hana Securities Maintains Alteogen Buy Rating
Kim Sun-ah, a researcher at Hana Securities, stated in a report that Samsung Bioepis' technology is a biosimilar replicating Halozyme's SC platform 'Enhanze' from the United States. Kim maintained a buy rating and a target price of 580,000 won for Alteogen, stating that there will be no significant impact on Alteogen's technological competitiveness.
FAQ
How much did Korean Stocks fall on the trading day?
The KOSPI index fell 463.81 points, or 6.37%, to close at 6,820.60, while the KOSDAQ dropped 37.59 points, or 4.53%, to 791.84.
Which stocks did top investors at Mirae Asset Securities net buy?
Top-performing investors, representing the top 1% by monthly returns at Mirae Asset Securities, most heavily net purchased Alteogen, followed by Samsung Electronics and Samsung Electronics preferred shares as of 11:00 AM on the trading day.
What was Hana Securities' rating on Alteogen?
Hana Securities researcher Kim Sun-ah maintained a buy rating and a target price of 580,000 won for Alteogen, stating that Samsung Bioepis' technology acquisition will have no significant impact on Alteogen's technological competitiveness.
