On the 28th, as volatile market conditions persisted in the domestic stock market, an unusual trend emerged in the KOSDAQ market where individual bio stocks and preferred shares with low floating volumes simultaneously surged to their daily price limits.

Even among stocks that reached the upper limit, the reasons for the rally varied. It is necessary to distinguish whether the gains are catalyst-driven based on earnings or disclosures, or short-term surges driven by a concentration of demand.

■ Buying Interest Spreads Across Small-Cap Stocks…Two Trends Captured Simultaneously

On this day in the KOSDAQ market, buying interest spread across small-cap stocks regardless of specific industries. In such phases, it is common for stocks that attract heavy volume with confirmed catalysts and so-called 'low-float' stocks—those with a small number of floating shares that can experience sharp price swings even with small purchases—to rise to the upper limit together.

In fact, bio stocks with individual disclosures such as clinical trials or contracts and preferred shares with low trading volume but overwhelmingly large buy orders simultaneously made the upper-limit list today.

■ Bio Stocks: Cellic and Bioinfra for Two Consecutive Days, ICH for Three Consecutive Days

In the bio sector, MedPacto, Cellic, Bioinfra, ICH, NanoCMS, and Photon all surged to their daily price limits, showing strong momentum.

Among these, Cellic and Bioinfra recorded upper limits for two consecutive days, while ICH extended the streak to three consecutive days, suggesting that demand has been concentrated over several days rather than being a one-off buying surge.

■ Preferred Shares Show Strength…Softcen Preferred Hits Upper Limit for Four Consecutive Days

Another pillar of strength was the robust performance of preferred shares. Seoul Food Preferred, Jinheung Enterprise Preferred B, Jinheung Enterprise 2nd Preferred B, CJ Seafood 1st Preferred, and Softcen Preferred all entered the upper limit simultaneously. Among them, Softcen Preferred recorded upper limits for four consecutive days, displaying the most distinct upward trend.

Preferred shares often have significantly lower floating volumes compared to common shares, meaning prices can move sharply even with small buy orders. In the case of CJ Seafood 1st Preferred, trading volume was only 16,602 shares, but the pending buy volume reached 487,632 shares, demonstrating a typical low-float pattern where buying sentiment far exceeds actual trading.

■ Individual Stock Movements

MedPacto entered the upper limit around 10:24 a.m., recording 3,480 won (up 29.85% from the previous day), while Cellic reached the upper limit at the earliest time of 9:10 a.m., rising to 1,777 won (up 29.99%). Bioinfra formed the thickest buy wall among upper-limit stocks on this day, with buy orders exceeding 8.41 million shares. NanoCMS and Photon also reached their daily price limits at 3,925 won and 2,340 won, respectively. On the preferred share side, Seoul Food Preferred rose to 6,250 won and Jinheung Enterprise 2nd Preferred B climbed to 3,945 won, both showing strong performance.

■ Investment Cautions

Reaching the upper limit does not necessarily guarantee that the upward trend will continue as is. Even with a large volume of pending buy orders, if sell orders emerge in the latter half of the session, the upper limit may break and volatility can spike sharply. In particular, investors should note that preferred shares with low trading volumes can see significant price swings even from small sell orders.

Key variables to watch going forward include whether the pending buy volumes at the upper limit are maintained until the market close or whether sell orders break the upper limit. Additionally, it is important to monitor whether individual company disclosures or catalysts related to this rally are actually confirmed, and whether trading volumes of stocks with consecutive upper-limit closes increase further.