Statistics showing a surge in exports of Korean cosmetics to Poland led to a more than 10% drop in the stock price of SILICON2 in just one day. This was influenced by the potential for statistical errors.
According to the Korea Exchange on the 13th, SILICON2 shares finished trading at 55,400 won, down 10.36% (6,400 won) from the previous day on the KOSDAQ. The sentiment shifted in just one day, contrasting with a 19.31% (10,000 won) spike in SILICON2’s stock price on the 11th.
The momentum that had pushed up SILICON2's stock price was the provisional figures for cosmetic exports from the 1st to the 10th of this month. Among the performances by country, exports to Poland increased by 1,997.1% compared to the same period last May. The fact that SILICON2 has a logistics center in Europe located in Poland stimulated investor sentiment. SILICON2's stock price rose to 63,350 won during trading on the 11th, setting a new all-time high after the provisional export figures were announced.
However, the following day, opinions surfaced that the provisional export figures could be erroneous. While the overall cosmetic exports from the 1st to the 10th of this month indeed increased by 31.5% compared to the same period last May, it is difficult to understand a four-digit growth rate easily. In particular, the volume of exports did not keep pace with the increase in export value. Following news of past instances where provisional figures were adjusted, some SILICON2 investors quickly reverted to a "sell" strategy.
As a result, it was reported that data from some companies that confused the exchange rates distorted the scale of cosmetic exports to Poland. Park Eun-jung, a researcher at Hana Securities, noted, "It has been confirmed that a specific company reported using mixed dollar and won denominations and a correction notification has been approved by customs, which will be reflected in the cumulative statistics scheduled for release on the 21st."
However, Park noted that the increase in SILICON2's export volume to Poland is being confirmed. He stated, "The shipment volume of SILICON2, based on containers, is showing better trends compared to April or May, and the unit price is also increasing, indicating an upward trend."
SILICON2's stock price is showing an upward trend again in the pre-market. As of 8:15 a.m., it has traded at 56,800 won, up 2.53% (1,400 won) from the previous day.