30% of Credit Loans Concentrated… Samsung Electronics, SK Hynix Forced Liquidation Begins / Black Tuesday Crash… Missed Leverage Countermeasures 'Collapsed Investor Sentiment' - Park Geun-hyung, Department Head

Summary

Park Geun-hyung, Department Head at IBK Securities, paints a deeply bearish picture of the Korean stock market, with the KOSPI in a technical bear market and the 120-day moving average broken. He highlights an acute credit-loan concentration in Samsung Electronics and SK Hynix that is triggering forced liquidation and amplifying selling pressure. KOSDAQ is also under severe strain after policy delays on market restructuring. While extreme oversold technical readings suggest a potential bounce is worth monitoring, he advises avoiding new purchases and only reducing positions into any rebound.

• KOSPI in technical bear market, 120-day MA broken, next support at 200-day MA near 5,700; foreign selling and margin debt drain.
• Samsung Electronics and SK Hynix credit loan balances now 30.5% of total, causing forced liquidation and self-reinforcing selling pressure.
• KOSDAQ at 700, government's market reform plan delayed from July 1 to Sept 10, prolonging uncertainty.
• Repeated circuit breakers (8 this year alone) and failed leverage countermeasures have shattered investor confidence.
• Technical 50-day disparity indicators for KOSPI and semiconductor sector have reached historical non-recession lows, suggesting a potential oversold bounce setup to watch.
• Strategy: avoid adding new positions, wait for a technical rebound to reduce exposure; any buying should be split and small.