Shaken Stock Market, Is It Over? Lee Jae-gyu's Next Response Strategy | Lee Jae-gyu, SK Securities PB Assistant Manager

Shaken Stock Market, Is It Over? Lee Jae-gyu's Next Response Strategy | Lee Jae-gyu, SK Securities PB Assistant Manager [Focus Today's Stock]

Watch on YouTube ↗ | April 30, 2026 at 11:00 | 40:14 | 3PRO TV (삼프로TV)

Speakers

Lee Jae-kyu — PB Deputy Manager, SK Securities

Summary

Lee Jae-gyu of SK Securities reviews a sharply weaker Korean market and argues the long-term uptrend remains intact unless macro conditions worsen. He focuses on oil, USD/KRW, and US 10-year yields as key liquidity drivers, expecting them to stabilize rather than break higher. He outlines sector beneficiaries and losers from high oil and weak won, while keeping an aggressive rotation portfolio tilted toward semiconductors plus cosmetics, apparel, entertainment, and telecom.

Korean stocks fell, with KOSPI closing near lows and KOSDAQ weak.
The speaker remains cautiously bullish on KOSPI and KOSDAQ, treating the drop as a caution signal rather than a sell.
Macro focus: oil, USD/KRW, and US 10-year Treasury yields as drivers of liquidity and foreign flows.
Oil is expected to stay supported around $90-120 WTI due to Hormuz risk and depleted inventories.
High oil helps refiners, renewables, and defense, while hurting airlines; weak won helps exporters and hurts domestic demand.
Semiconductors and AI remain the leading sector and the first buy on a market plunge.
Portfolio is tilted toward rotation sectors such as telecom, cosmetics, apparel, and entertainment.
Robotics is favored for the second half, while biotech is a rate-sensitive watch.

Ideas

Lee Jae-kyu PB Deputy Manager, SK Securities 0:24

Korean stocks remain in long-term uptrend

The speaker argues the Korean equity market remains in a long-term uptrend because macro conditions are currently at their worst but are unlikely to worsen further; today's large down candle calls for caution and holding existing positions rather than selling, and investors without exposure can scale in on weakness.

Lee Jae-kyu PB Deputy Manager, SK Securities 17:25

Refiners gain from higher oil prices

When oil rises, refiners benefit first because the value of their existing inventory increases, so refining stocks such as S-Oil and GS Holdings tend to move higher.

Lee Jae-kyu PB Deputy Manager, SK Securities 17:49

Renewable energy benefits from high oil

Higher oil and geopolitical risk push capital toward alternative energy sources; this cycle has been stronger than usual for renewables, with wind and solar names such as CS Wind, Hanwha Solutions, HD Hyundai Energy Solutions, OCI Holdings, and Doosan Enerbility moving.

Lee Jae-kyu PB Deputy Manager, SK Securities 18:47

Airlines face oil and dollar headwinds

Airlines are among the worst-positioned sectors when oil rises and the dollar strengthens, as higher fuel costs and FX losses hurt earnings.

Lee Jae-kyu PB Deputy Manager, SK Securities 19:30

Defense supported by geopolitical energy risk

Geopolitical conflict and energy security risk are driving defense stocks; oil and defense move together because both are linked to Middle East risk, not because oil itself causes defense gains. Hyundai Rotem was cited as moving.

Lee Jae-kyu PB Deputy Manager, SK Securities 22:43

Weak won helps Korean exporters

A higher USD/KRW rate makes Korean exports cheaper and can improve earnings for exporters such as Hyundai Motor, shipbuilders, and defense companies, even though the overall Korean market often falls on foreign-exchange losses.

Lee Jae-kyu PB Deputy Manager, SK Securities 23:56

Rising rates support banks and insurers

Rising US and Korean rates can make financial value stocks such as banks and insurers more attractive; financials moved with the rise in yields.

Lee Jae-kyu PB Deputy Manager, SK Securities 30:29

Biotech awaits macro-driven rate-cut hopes

Hawkish FOMC lowered rate-cut expectations, hurting biotech/pharma; if macro stabilizes, rate-cut expectations should return and support the sector.

Lee Jae-kyu PB Deputy Manager, SK Securities 31:06

Oil should stay supported near $90-120

Oil is likely to remain supported around $90-120 WTI near term because the Hormuz Strait blockade limits supply, inventories built before the conflict are being depleted, and UAE's OPEC exit does not bring immediate supply; he expects eventual stabilization but not a sharp drop now.

Lee Jae-kyu PB Deputy Manager, SK Securities 35:19

Buy semiconductors first on market plunge

AI and semiconductors remain Korea's leading sector. If the market falls sharply, semiconductors should be bought first because they are most likely to rebound fastest; if they hold up, capital can rotate to other sectors. Samsung Electronics and SK hynix were cited as having good price action and valuation merit, with big-tech capex still supportive.

Lee Jae-kyu PB Deputy Manager, SK Securities 35:56

Telecom rebounds after correction; he added

Telecom stocks rebounded after a correction, and telecom equipment saw a technical rebound after two weeks of adjustment; he added telecom to his portfolio.

Lee Jae-kyu PB Deputy Manager, SK Securities 36:20

Cosmetics and apparel fit rotation

Cosmetics and apparel have been favored since last week as part of the rotation while semiconductors hold up, and they remain in his portfolio.

Lee Jae-kyu PB Deputy Manager, SK Securities 37:16

Adjacent leaders: power equipment and nuclear

Beyond semiconductors, leading sectors adjacent to the AI supply chain, such as power equipment and nuclear, are worth prioritizing; shipbuilding and defense also belong to this leading group, with nuclear moving again.

Lee Jae-kyu PB Deputy Manager, SK Securities 37:47

Robotics likely strong in second half

Robotics did well in the first half, and sectors that led in the first half often stay strong into year-end, so he expects robotics to do well in the second half, focusing on quality companies.

Lee Jae-kyu PB Deputy Manager, SK Securities 39:18

Entertainment added as rotation play

He added entertainment stocks to the portfolio as part of the same rotation expectation: if semiconductors do not fall much, other sectors including entertainment can attract capital.

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This 3PRO TV (삼프로TV) video, published April 30, 2026, features Lee Jae-kyu discussing EWY, KOSDAQ, 010950.KS, 078930.KS, CS Wind, 009830.KS, HD Hyundai Energy Solutions, 010060.KS, 034020.KS, Korean airlines, Korean Defense, 064350.KS, 005380.KS, Korean shipbuilders, Korean banks, Korean insurance, Korean biotech/pharma, WTI, SMH, 005930.KS, 000660.KS, KOREAN TELECOM, Korean telecom equipment, Korean cosmetics, Korean apparel, Power equipment, NUCLEAR, Korean Robotics, Korean entertainment. 15 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Jae-kyu · Tickers: EWY, KOSDAQ, 010950.KS, 078930.KS, CS Wind, 009830.KS, HD Hyundai Energy Solutions, 010060.KS, 034020.KS, Korean airlines, Korean Defense, 064350.KS, 005380.KS, Korean shipbuilders, Korean banks, Korean insurance, Korean biotech/pharma, WTI, SMH, 005930.KS, 000660.KS, KOREAN TELECOM, Korean telecom equipment, Korean cosmetics, Korean apparel, Power equipment, NUCLEAR, Korean Robotics, Korean entertainment