Chasing a rebound today? 'Unstable rise' according to trading volume

Summary

On July 23, Korean markets rebounded broadly with low trading volume, led by AI data center and renewable energy stocks. Guest Jang Ho-jin, CEO of Geumsigong, views the rise as unstable due to insufficient volume and geopolitical risks. He highlights the AI data center power infrastructure theme as worth watching, expresses caution on semiconductor leaders pending stronger capex signals, and warns that US-Iran tensions could spike oil prices and derail the rally.

• KOSPI and KOSDAQ rallied widely but trading volume remained low, raising sustainability concerns.
• AI data center power infrastructure stocks surged on SK Group and GS Group data center announcements; theme worth monitoring.
• Semiconductor two-top (Samsung Electronics, SK hynix) recovery is held back by underwhelming Alphabet capex increase and negative free cash flow.
• Geopolitical risk from US-Iran conflict could block Hormuz and Red Sea, potentially sending oil above $100.
• Oil price, low volume, and war risk make the speaker cautious about chasing the current rebound.
• A decisive market uptrend would require de-escalation, dollar index decline below 100, and volume confirmation.