Semiconductors Shaking Again, What's the Signal for KOSPI to Break Out of its Box Range?

Summary

The broadcast covers the KOSPI's range‑bound action, the sell‑off in SK Hynix based on HBM rumors, and the shift in market leadership. Panelists Kim Jang-yeol, Lee Kwon-hee, Hwang Yoo-hyun, Lee Jae-gyu and Park Seung-young argue that memory semiconductors are near trough valuations, while biotech, cosmetics, shipbuilding, batteries, and semiconductor equipment stocks are emerging as new leaders. Foreign investor positioning and leverage unwinding are seen as short‑term headwinds, but the consensus is that broader market participation is improving.

• KOSPI closed down 0.6% and KOSDAQ down 0.36%, but more stocks rose than fell, signaling a broadening market.
• SK Hynix fell sharply on HBM price and capacity rumors; Kim Jang-yeol dismissed the rumors as noise and said memory chips are at trough valuations with PERs of 4–6x.
• Lee Kwon-hee highlighted an accelerated shareholder return plan for SK Hynix expected within Q3 2025.
• Panelists identified rotation into biotech, cosmetics, secondary batteries (led by Samsung SDI), shipbuilding, and semiconductor equipment as the main near‑term themes.
• Hwang Yoo-hyun said SK Hynix’s 54 trillion won capex plan will directly boost semiconductor equipment stocks.
• Lee Jae-gyu strongly advocated overweighting KOSDAQ (target 1000) and biotech (Samsung Biologics, Celltrion) while reducing semiconductor exposure to 20–30%.
• Park Seung-young recommended US equities over Korea for the remainder of the year, and favored covered call and high‑dividend strategies for the range‑bound KOSPI.
• Foreign investors were noted to be suppressing the index by selling spot and buying futures, but the impact was considered temporary.