The real reason today's market crashed: fundamentals are fine, the problem is derivatives; we need time to go harder | Team Leader Hwang Yu-hyeon

Summary

Shinhan Investment Securities PB Team Leader Hwang Yu-hyeon explains that the sharp Korean market selloff was driven less by AI fundamentals than by derivative-related supply-demand pressures, including expiry unwinds, rollover selling, single-stock leverage, and high credit balances. He argues AI speed-control fears are overdone, expects KOSPI to remain range-bound in the near term, and prefers selective KOSDAQ semiconductor equipment/materials names, especially SK hynix within the large-cap memory pair. He advises split trading rather than aggressive directional bets until leverage and turnover normalize.

• Korean market fell sharply despite stable fundamentals, with derivatives and supply-demand cited as the main cause.
• AI speed-control concerns and FOMC rate-hike fears were discussed but treated as largely priced or exaggerated.
• KOSPI is expected to be range-bound with limited upside and downside in the near term.
• Single-stock leveraged ETFs and high credit balances remain key volatility risks.
• The speaker prefers SK hynix over Samsung Electronics on risk/reward.
• KOSDAQ semiconductor equipment/materials and test-socket names like ISC are highlighted as selective opportunities.
• Turnover has shrunk, rotation is fast, and split buying/selling is advised until Chuseok.