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[Alpha Biz=(Chicago) Reporter Kim Jisun] The proportion of short sales in September was found to be the largest this year.
According to the Korea Exchange, the proportion of the public sale transaction amount in September (the public sale transaction price divided by the total transaction amount) in the KOSPI market was 5.6%, the largest per month this year. The portion of short selling transactions has decreased to 4.3% in June, but the figures have since increased to 4.8% in July and 4.9% in August.
Analysts say that more investors are predicting a downward trend in the stock market as interest rates on 10-year U.S. government bonds easily exceed 4.5 percent and investor sentiment has shrunk due to continued high oil prices and high prices. In particular, the won plunged to KRW 1,350 per dollar, which causes foreign investors concerned about foreign exchange losses to withdraw funds from the local stock market.
In many cases, stock prices of stocks that have been hit by short stock selling have fallen. In September, 61% (45) of the 73 stocks, whose share of short selling exceeds 10% of the total trading volume, saw their monthly stock prices fall.
The main target of the public sale in September was BGF Retail, which accounted for 28.36% of the total trading volume. Shares of BGF Retail fell 10 percent in September. LG Energy Solutions, the leader of secondary batteries, also saw a 27.52% public sale, with stock prices falling 14% during the same period. In addition, Lotte Energy Materials (24.63%), Ssangyong C&E (20.61%), LG Display (19.86%), KT&G (19.69%), and Kakao Pay (19.42%) also had high public sales ratios.
BGF Retail's operating profit estimate for the third quarter of this year is expected to be below market expectations of 13% due to slow sales growth at existing branches and increased sales management costs. LG Energy Solutions is estimated to have an operating profit of about 670 billion won in the third quarter, which is below market expectations of 699 billion won. A sharp drop in lithium prices, a major raw material, and a drop in average selling price (ASP) are the reasons for worsening profitability.
SK Innovation, which recently carried out a KRW 1.1 trillion paid-in capital increase, attracted 18.8% of public sales, but its stock price fell 17% in September. In general, a paid-in capital increase increases the number of distribution shares, leading to dilution of shareholder value, leading to a drop in stock prices. Netmarble, which has been unable to escape from its quarterly operating profit deficit due to intensifying competition in the game industry, has been steadily flowing in annual short sales, and its stock price has plunged 30% this year. According to SK Securities, Netmarble is estimated to have an operating loss of 11.4 billion won in the third quarter.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
