The Reason We Must Be More Cautious As Semiconductor Dominance Continues | Park Byeong-chang, MP Partners CEO [Market Inside]

Summary

Park Byeong-chang, CEO of MP Partners, examines the extreme concentration in Korean semiconductor stocks as SK Hynix and Samsung Electronics drive the KOSPI higher while the rest of the market languishes. He urges caution, noting that previously strong chip-related names like Samsung Electro-Mechanics and LG Innotek are breaking down, and that the narrow rally could end badly if a post-June rotation fails to materialize.

• Korean equity market is dominated by Samsung Electronics and SK Hynix, with KOSPI up 11% YTD while KOSDAQ has lost 4%.
• Micron's target price has been raised to $2,000, reinforcing the strong earnings cycle in memory chips and relative undervaluation of Korean peers.
• Park sold half of his semiconductor ETF holdings to lock in gains but remains positive on the trend until a clear technical reversal pattern appears.
• Former semiconductor leaders Samsung Electro-Mechanics and LG Innotek are breaking down, partly reflecting Apple's sharp decline.
• SK Square's chart shows bearish wicks and candles, distributing under the surface despite SK Hynix's strength.
• Naver has fallen below 200,000 won; Park advises waiting for a confirmed uptrend rather than trying to pick a bottom.
• Quarter-end rebalancing is adding selling pressure on non-semiconductor names, making the post-June period critical for a potential recovery in the broader market.
• The upcoming Agility Robotics IPO and Tesla Optimus Gen 3 production could reignite humanoid robotics interest in the second half of the year.