8 Stocks Including Macrogen Up 21%, Elcomtec Up 13%
3 Stocks Decline... Abclon Down 9.97%
[Asia Economy Reporter Minwoo Lee] Stocks newly designated as short-selling overheated items according to the financial authorities' new criteria are showing an upward trend.
As of 2:30 PM on the 11th, in the KOSDAQ market, Macrogen is trading at 37,550 won, up 21.52% from the previous day. Elcomtec is also trading at 2,510 won, up 13.06% from the previous session.
ITCEN (2.36%), Osang Jaiel (2.25%), Seegene (2.01%), Access Bio (0.42%), Pharmicell (0.98%), and DNA Link (0.93%) also saw their prices rise compared to the previous day.
On the other hand, some stocks fell. Appclon is down 9.97% from the previous session, trading at 32,950 won as of the same time. JSTINA fell 4.07%, and Intron Bio dropped 0.41%.
Earlier, the Financial Services Commission announced new criteria for designating short-selling overheated stocks to stabilize the market and designated these 11 stocks as the first targets. Short selling is prohibited for these stocks until the 24th.
Short selling is a method where stocks expected to decline in price are borrowed and sold, and if the price actually falls, the stocks are bought back at a lower price to return the borrowed shares. The new criteria for designating overheated stocks is when the stock price falls by 5% or more and the trading volume is three times the usual for KOSPI or twice for KOSDAQ. The previous criteria were six times for KOSPI and five times for KOSDAQ.
Additionally, a new standard has been added where if the stock price falls by 20% or more, the multiplier for increased short-selling trading volume is strengthened to twice for KOSPI and 1.5 times for KOSDAQ.
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