[Featured Stocks] Shinpung Pharmaceutical and Seegene Rise on MSCI New Inclusion

[Asia Economy Reporter Eunmo Koo] Shinpung Pharmaceutical is showing strong performance in the early market. It appears that inclusion in the Morgan Stanley Capital International (MSCI) Korea Index is having an impact.

As of 9:35 AM on the 13th, Shinpung Pharmaceutical was trading at 76,100 KRW, up 5.99% (4,300 KRW) compared to the previous trading day. Seegene, which also succeeded in being included in the index, was trading at 291,000 KRW, up 1.11% (3,200 KRW) from the previous day. On the other hand, Alteogen, despite its successful inclusion, was trading down 2.05% (3,900 KRW) at 186,100 KRW.

Sangcheol Kang, a researcher at Shinhan Financial Investment, explained in a report on the day, "Alteogen, Seegene, and Shinpung Pharmaceutical have been newly included in the standard index," adding, "The passive buying demand due to index inclusion amounts to 227.2 billion KRW for Alteogen, 359 billion KRW for Seegene, and 146 billion KRW for Shinpung Pharmaceutical, respectively."

Three stocks were newly included in the MSCI Korea Index, while three stocks were removed. Shinpung Pharmaceutical, Seegene, and Alteogen were included, whereas Hyundai Department Store, Helixmith, and Daewoo Construction were excluded from the index.