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[Alpha Biz=(Chicago) Reporter Paul Lee] Ecopro, the second-largest KOSDAQ market by market capitalization, soared more than 10% on the 25th, reaching KRW 1.32 million during the day.
Ecopro has been on the rise for three consecutive days. The closing price rose 11.37% from the previous day to 1,293,000 won. During the market, it jumped to 1,321,000 won, breaking the highest price.
EcoprobM, a key affiliate of KOSDAQ, is also breaking the record. The market closed at 462,000 won, up 14.22% from the previous day. Ecoprobm's market capitalization is 45.1842 trillion won. It is more than Hyundai Motor (42.4121 trillion won), the ninth largest market capitalization in the securities market.
Ecopro's market capitalization also recorded 34.4296 trillion won, surpassing Kia (34.129 trillion won), which ranks 10th, and NAVER (Naver, 32.9739 trillion won), which ranks 11th.
The strength of the stocks seems to be due to expectations that Ecopro could be included in the Morgan Stanley Capital International (MSCI) Korea Index. Currently, local securities firms predict that Ecopro will be included in the MSCI Korea Index, which is scheduled to be announced next month.
As the stock index was developed by Morgan Stanley, a global investment bank, if Ecopro is included in the MSCI Korea Index, there is a possibility that additional global fund funds will flow in.
The so-called 'short squeeze' is also cited as the background of the rise.
Foreigners who have been betting on the decline of EcoPro Group have recently begun to buy stocks. As of July, foreigners are net buying Ecopro about 613.9 billion won.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
