Individuals Sold 14 Trillion Won and Left, but Leverage Buying Increased… Supply-Demand Warnings Revealed in a Plunge Market | Myung Min-jun, Seo Su-jin, Team Lead Hwang Yu-hyeon

개인은 14조 팔고 떠났는데 빚투는 늘었다…급락장에서 드러난 수급의 경고 ㅣ 명민준, 서수진, 황유현 팀장 [주린이 구조대]
Watch on YouTube ↗  |  September 08, 2026 at 13:00  |  56:23  |  3PRO TV (삼프로TV)
Speakers
Hwang Yoo-hyun — Private Banker Team Lead, NH Investment & Securities

Summary

Shinhan Investment Corp team lead Hwang Yu-hyeon explains the abrupt intraday KOSPI reversal as mostly a crowded foreign KOSPI futures positioning and derivatives expiry event rather than oil or macro headlines. He expects elevated volatility into expiration and advises not chasing sharp rallies, instead selling strength and buying dips in KOSPI large-cap and semiconductor names. He remains structurally positive on AI-driven semiconductors, nuclear power, and power/electric infrastructure, and sees short-term rotation into beaten-down secondary batteries, cosmetics, and some biotech. He also warns that shrinking retail deposits and rising credit balances make the market vulnerable to fast liquidation on down days.

  • KOSPI reversed from positive territory late to close down 0.6%, while KOSDAQ fell 1.2%; Japan and Taiwan fell alongside.
  • Hwang attributes the drop mainly to derivatives expiry and foreign KOSPI futures positioning rather than oil or CPI headlines.
  • Foreign investors are long roughly 10 trillion won of KOSPI futures, near their historical contract capacity.
  • Elevated volatility and rising credit/leverage balances are short-term market risks.
  • He recommends tactical KOSPI trading: sell rallies, buy dips, and avoid chasing upper wicks into expiry.
  • He remains constructive on SK Hynix's unfinished technical rebound and on buying semiconductor dips.
  • Structural long areas include nuclear power and power/electric infrastructure tied to AI electricity demand.
  • Rotation candidates include secondary batteries, cosmetics, and some biotech as previous laggards.
Ideas
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 6:12
KOSPI volatile expiry; sell rallies, buy dips.
This week KOSPI is dominated by simultaneous futures/options expiry and crowded foreign KOSPI futures positioning. Foreigners have accumulated roughly 10 trillion won in KOSPI futures, near their historical contract capacity; this caps short-term upside even though they are unlikely to dump aggressively. Until Thursday's expiry, expect high volatility and upper wicks rather than a crash: sell into sharp rallies, buy on down days, and avoid chasing intraday spikes.
EWY HIGH
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 18:05
Buy Korean semiconductor dips; uptrend intact.
Korean semiconductor complex is supported below by fundamentals and supply-demand while macro pressures cap it from above. The AGI-driven semiconductor demand story remains intact, and this week's weakness is mainly short-term derivatives flow. Therefore, dips in semiconductor names are buying opportunities.
Korean semiconductor sector HIGH
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 20:57
SK Hynix technical rebound has further upside.
SK Hynix's technical rebound remains incomplete. It has not yet touched the 50% retracement of its prior decline around 210,000 won, unlike Samsung Electronics. He sees further technical upside to the 205,000-214,000 won area and says investors who bought near recent highs are likely okay; he uses partial sales into strength and would buy dips because volatility remains high.
000660.KS HIGH
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 25:54
Retail rarely wins KOSPI options expiry.
Retail investors should avoid trading KOSPI derivatives/options around expiry because foreign investors dominate the derivatives order book, and the zero-sum structure means retail traders profit on average only once or twice a year. He frames it as a game retail cannot win because foreigners can reverse the board once retail follows.
KOSPI200 options MED
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 48:31
Washed-out cosmetics is a rotation buy.
Korean cosmetics was previously the most loved group and has since been crushed; now it is reaching a picking/accumulation timing as many investors believe it is finished. In the rotation, if semiconductors/nuclear power rest, cosmetics is likely to bounce.
KORU MED
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 48:53
AI physical theme is long-term bullish.
The GPT Astra release makes AGI and physical AI feel real, and AI physical is a long-term theme until a Jarvis-like product arrives. This supports long-term positioning in AI physical/data center infrastructure rather than treating it as a short-term trade.
BOTZ MED
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 49:48
Accumulate power/electric infrastructure on dips.
AI and data center buildouts ultimately require electricity, and power/electric wire names that recently ran up and then were pressed today should be accumulated on pullbacks. He sees this as an infrastructure-led AI trade rather than a pure hardware trade, with future rally days likely.
Korean power/electric infrastructure sector MED
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 51:41
Nuclear power leads structural AI electricity demand.
Nuclear power has shifted from policy/theme trade into a structural AI electricity-demand story. If KOSPI runs toward 7,200-7,500, nuclear is the group that leads. Government and US investment angles, Westinghouse stake rumors, and the lack of realistic alternative to nuclear for AI power demand over a 5-7 year build cycle support accumulation on dips, though short-term crowding caused upper wicks.
Korean nuclear power sector 034020.KS HIGH
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 52:44
Secondary batteries best short-term rotation trade.
After being among the most disliked and sold groups, secondary battery stocks look best short-term. In the fast rotation environment, when crowded semiconductor/nuclear trades rest, beaten-down secondary battery names are candidates to rebound.
Korean secondary battery sector MED
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 53:17
Some Korean biotech may rebound.
With interest rates unlikely to worsen further, some biotech names may participate in rotation into beaten-down groups after high-rate-sensitive sectors were abandoned. This is a brief but directionally positive biotech view.
Korean biotech sector LOW
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3PRO TV (삼프로TV) · Sep 08

This 3PRO TV (삼프로TV) video, published September 08, 2026, features Hwang Yoo-hyun discussing EWY, Korean semiconductor sector, 000660.KS, KOSPI200 options, KORU, BOTZ, Korean power/electric infrastructure sector, Korean nuclear power sector, 034020.KS, Korean secondary battery sector, Korean biotech sector. 10 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Hwang Yoo-hyun  · Tickers: EWY, Korean semiconductor sector, 000660.KS, KOSPI200 options, KORU, BOTZ, Korean power/electric infrastructure sector, Korean nuclear power sector, 034020.KS, Korean secondary battery sector, Korean biotech sector