KRX Aftermarket Averages 1.3 Trillion Won in Daily Trading
In the 16 trading days since the Korea Exchange (KRX) Aftermarket — the session in which stocks can be traded after the regular market closes — opened on the 14th of last month through the 8th of this month, an average of 1.2645 trillion won changed hands per day. Turnover in the exchange's aftermarket was equivalent to roughly 4.78% of the regular session. Average daily volume came to about 55.922 million shares.
During the same period, individual investors bought a net 72.3 billion won worth of Samsung Electronics preferred shares (net purchases, excluding sales), the largest amount, while selling the most SK Hynix. According to data compiled by KRX and Koscom on the 11th, individuals bought a net average of about 4.52 billion won worth of Samsung Electronics preferred shares per day. Net purchases of Samsung Electronics common shares totaled 67.53 billion won, followed by Hanwha Aerospace (4.47 billion won), LS Petasis affiliate Isu Petasis (3.59 billion won), and DB HiTek (3.53 billion won).
As individual selling and foreign buying crossed paths, SK Hynix topped the net-sell list. Individuals sold a net 92.14 billion won worth of SK Hynix over the period, and also leaned toward selling Samsung Electro-Mechanics, Hyundai Mobis, and Doosan Enerbility. Foreign investors took the opposite side, buying a net 1.0154 trillion won worth of SK Hynix, the most, while selling a net 83.11 billion won worth of Samsung Electronics preferred shares and 50.49 billion won worth of Samsung Electronics common shares. Institutions bought a net 13.15 billion won worth of Doosan Enerbility and sold a net 15.71 billion won worth of Samsung Electronics.
These flows differed from the regular session. In the same period, Samsung Electronics and SK Hynix ranked first and second in net selling by both individuals and foreigners in the regular market. In other words, positions diverged by investor type only during the evening trading hours.
The picture changes when compared with alternative trading system Nextrade (NXT). By average daily turnover, NXT posted 1.7008 trillion won, about 1.35 times the exchange's figure. But the split by market tells a different story. In KOSPI stocks, NXT's average daily turnover of 1.5129 trillion won exceeded the exchange's 771.2 billion won, but in KOSDAQ the exchange posted 493.3 billion won, more than 2.5 times NXT's 187.9 billion won.
An analysis of exchange data shows that individuals accounted for 89.4% of total turnover during the period, with foreigners at 7.9% and institutions at 1.6%. When order books are not deep enough, even small orders can move prices sharply. Indeed, 1,112 sidecar (VI) triggers were activated on the opening day, but that fell to 426 by the 8th.
To guard against unfair trading, the exchange said it will operate a special aftermarket surveillance task force of nine staff members — three each for monitoring, prevention, and short selling — through the end of the year.
