Trump-driven volatility, opportunities always lie behind the noise | Hana Securities Vincent

Summary

Vincent of Hana Securities explained that Trump-related political noise, including Powell/Fed independence, Venezuela/Iran tensions, housing policy, and tariff threats, is likely to create recurring volatility but should be treated as opportunity rather than a reason to abandon risk assets. He remains bullish on the Korean stock market, noting the KOSPI is above 4,600 and within about 8% of 5,000, and he keeps his preferred strategy in semiconductors, including memory and non-memory names such as SK hynix. He also highlighted macro indicators such as the pain index, consumer sentiment, and CPI as key for Trump's support and Fed policy.

• Vincent framed Trump-driven political and geopolitical headlines as noise that creates opportunity.
• He sees the Fed independence/Powell conflict as a temporary issue likely resolved by a new Fed chair nomination.
• He said the Korean market remains strong despite foreign selling and won weakness, with KOSPI near 5,000.
• He keeps semiconductors as his unchanged preferred strategy, citing earnings and market concentration.
• He noted memory semiconductors remain strong and non-memory has also become attractive, referencing SK hynix.
• He discussed Venezuela/Iran, housing/MBS policy, tariffs, pain index, consumer sentiment, and CPI as macro risks to monitor.