June Monthly Outlook - The Impact of SpaceX's Listing on Market Supply and Demand. Reviewing the June Market Outlook and Investment Strategy.

Summary

Park Se-ik reviews the May 2026 KOSPI and KOSDAQ performance, noting KOSPI's strong rally despite heavy foreign selling, while KOSDAQ fell nearly 10%. He discusses the impact of the upcoming SpaceX listing, the BOJ rate decision, and the S&P 500's relative attractiveness. The core investment thesis is to remain long memory semiconductors (Samsung and SK Hynix) and the KOSPI index, while using Kiwoom Securities as a timing indicator for a potential correction later in the year. He warns that low equity risk premium relative to bonds is a headwind but not yet a deal-breaker.

• KOSPI closed at 8,476 in May, up 25.7% from April, while KOSDAQ dropped 9.86%.
• Foreign investors sold 140 trillion won in Korean equities year-to-date, yet the market remains strong.
• Samsung Electronics and SK Hynix dominate market cap (3,500 trillion won total) and are the main drivers of the rally.
• Park Se-ik predicts a shallow correction in June due to SpaceX's IPO and BOJ uncertainty, then a rebound into July earnings.
• Kiwoom Securities' underperformance is a warning that the market may see a 10-15% correction in 3-6 months.
• The 10-year US Treasury yield at 4.45% has compressed the equity risk premium to near zero, making bonds relatively attractive.
• A value rotation is expected when the memory cycle peaks, but it may take several months.
• The USD/KRW rate at 1,500 won is highly supportive for Korean exporters, boosting earnings.