June 18 Closing Market Review: Semiconductors Will Rise More... The Concentration Will End When the Bull Market Ends

Summary

KOSPI hit 9,000 for the first time, driven by extreme concentration into Samsung Electronics, SK hynix, and Samsung Electro-Mechanics, while KOSDAQ fell sharply. Kim Jangyeol and Lee Kwon-hee argued the semiconductor rally has strong fundamental support and the concentration will persist, while other sectors and KOSDAQ will struggle until the bull market eventually ends. Specific stock ideas included continued strength in memory and MLCC, SK Square as a proxy, waiting for pullbacks in Hyundai Motor and Doosan Enerbility, and buying front-end semiconductor equipment names. Samhwa Condenser was flagged as too expensive to chase.

• KOSPI breaks 9,000 for the first time in history with heavy concentration in Samsung Electronics, SK hynix, and Samsung Electro-Mechanics.
• Breadth is terrible: fewer than 110 KOSPI names rose while nearly 1,500 KOSDAQ stocks fell.
• Kim Jangyeol argues the AI semiconductor rally is not overvalued based on Micron's FY27 EPS and the 9.4x P/E, and FOMC noise does not harm semis.
• Samsung Electro-Mechanics surged on a TrendForce report that MLCCs replace aluminum capacitors in new AI accelerators, significantly increasing MLCC content.
• SK Square is highlighted as a simple proxy to gain SK hynix exposure when position limits are reached.
• Hyundai Motor is discussed as a 'buy on pullback' near 600k KRW amid wide analyst target price dispersion and a conservative bearish report.
• In nuclear power, Doosan Enerbility needs to break 110,000 KRW resistance to turn momentum positive; the underlying site selection news is supportive.
• Front-end semiconductor equipment names such as PSK, Jeju Semiconductor, and KoMiCo are in an uptrend with higher lows, offering dip-buying opportunities during the semiconductor capex cycle.