July 20th Closing Market Review: Earnings Didn't Collapse... What Variables Should We Check for Semiconductor Stock Prices Now? | Hong Seonae, Lee Kwonhee, Kim Jangyeol [Closing Bell Live]

Summary

The KOSPI fell 4.4% and KOSDAQ 5.3% amid global tech weakness and disappointment with new leveraged ETF rules. Kim Jangyeol argued SK hynix is significantly oversold due to domestic supply distortions rather than fundamentals, with cheap valuation and strong memory prices, and a rebound is expected when big tech earnings confirm demand. Lee Kwonhee highlighted the Kimi K3 server overload as a positive catalyst proving memory shortage, creating a buying opportunity in Samsung Electronics and SK hynix. Both noted institutional and foreign buying as a positive signal, while KOSPI’s break of the 20-week moving average makes recovery of the 7,000 level within 3-4 weeks a key technical pivot.

• KOSPI dropped 4.4% to 6,516, KOSDAQ down 5.3%, with broad selling and only 97 KOSPI stocks advancing.
• Kim Jangyeol views SK hynix as fundamentally cheap (5.8x P/E) relative to Micron, beaten down by local supply distortions from leveraged ETFs and ADR dynamics.
• Memory pricing remains strong: DDR5 server contract prices are 2.5x spot, with continued hyperscaler demand.
• Kim expects a rebound when big tech earnings/LTA guidance reassure, with SK hynix poised to lead recovery.
• Lee Kwonhee sees the Kimi K3 server crash as a positive demand signal, confirming memory shortages and creating a buying opportunity in Samsung Electronics and SK hynix.
• Both experts note foreign and institutional net buying in key semis and index futures, indicating smart money accumulation.
• KOSPI has broken its 20-week moving average; reclaiming 7,000 within 3-4 weeks is crucial to avoid a mid-term downtrend.
• Geopolitical tensions (Iran, Trump threats) were mentioned as adding near-term uncertainty but not derailing the memory thesis.