Today, while looking at the market, I felt...
The listing of Hynix ADR seems to have given foreign investors a weapon.
As of 12:05 PM on August 4th, Micron has recovered by 0.23%. During the day, it rose about 1.8~2%.
Looking at the overnight futures, it's down about -2.2%. Before Hynix ADR existed, I would have thought it was just a normal error.
However, Hynix ADR was maintaining 0.8~1.2% during the day and is currently -2.7% at the same time. That's a drop of almost 3.5%.
Overnight futures are adjusting Hynix ADR prices (naturally, since this week's KOSPI), and before the listing of Hynix ADR, overnight futures followed Micron and SOX a lot, but now it seems to be influenced more by Hynix ADR than Micron.
If Hynix ADR hadn't been listed, Micron would have been followed, so the drop wouldn't have been this severe. But since Hynix ADR is following separately, the drop seems to be getting worse.
Until now, there hasn't been a stock in the market that could clearly differentiate itself from domestic stocks, but with the emergence of Hynix ADR as a weapon, it feels like KOSPI overnight futures are moving with a bigger drop due to the drop of Hynix ADR regardless of SOX.
Although Hynix ADR hasn't been included in Nasdaq and SOX yet, it seems that the drop is as big as KOSPI and moving separately... It doesn't seem like the listing of Hynix ADR is having a good effect on this week at all. Rather, it seems that only the risk from the rights offering has been given to shareholders who are holding this week, and there is no solution yet.
It's a night when I feel like the bigger drop of ADR has given foreign investors more weapons for setting up overnight futures declines...
