The National Pension Service (NPS) has been actively net selling Samsung Electronics and SK Square since July, when asset reallocation began. However, analysis suggests that the total volume of sales was relatively small because the valuation of stocks decreased, contrary to market concerns.
According to Daishin Securities on the 5th, the NPS (including pension funds) net sold 1,353.1 billion won worth of SK Square from July through the close of trading on that day. The NPS also net sold large volumes of Samsung Electronics (793.7 billion won), Hyundai Motor (500.3 billion won), Samsung Electric (455.4 billion won), Hyundai Mobis (407.9 billion won), LG Innotek (334.1 billion won), Hyundai Rotem (262.8 billion won), and Kia (217.3 billion won).
During this period, the NPS net bought 1,598.8 billion won worth of SK Hynix. The top net buying stocks were followed by SK Innovation (353.5 billion won), Samsung SDI (330.5 billion won), S-Oil (263.5 billion won), DB Insurance (254.6 billion won), LG Electronics (241.4 billion won), and Amorepacific (241.4 billion won).
A financial investment industry official said, "Purchases were made in SK Hynix, which showed weak stock prices, and it appears that the weight of refining stocks, financial stocks, and cosmetics stocks was adjusted according to market macro conditions where oil prices and interest rates fluctuated."
The market interpreted that selling pressure was low, contrary to concerns. Analysis suggests that as the stock market declined, the valuation gains on previously held domestic stocks decreased, resulting in little rebalancing pressure. The position is that this is a manageable level considering the 8th percentage point allowable range for strategic and tactical asset allocation. The market estimates that additional purchases of up to 8 trillion won are possible.
In fact, according to the "July Portfolio Management Status and Returns by Asset Class" disclosed at the end of last month by the NPS Fund Management Headquarters, the NPS fund reserves reached 168.4 trillion won at the end of July. This was a decrease of 18.2 trillion won (approximately 10%) in one month compared to the end of June (186.6 trillion won).
In particular, the valuation of domestic stocks decreased significantly. The valuation of domestic stocks held by the NPS at the end of July was 41.9 trillion won, a decrease of 12.4 trillion won in one month. During this period, the KOSPI fell from the 8,400 level to the 6,600 level.
Meanwhile, the NPS's total management return since the beginning of the year was recorded at 14.84%. The return dropped by half from 27.22% at the end of June. The domestic stock return fell by approximately 47 percentage points from 107.37% at the end of June to 60.11% at the end of July.
An NPS official said, "While the July return dropped significantly, it still yielded a high return when compared to the end of last year or the same period last year," and added that there is no disclosure regarding specific stock trading details.
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