What is the most important variable in the current market?

Summary

CEO Park Byung-chang analyzes the 10% KOSPI crash that was driven by quarter-end rebalancing, leveraged ETF unwinding, and US rate hike fears. He views the sell-off as supply-driven, not fundamental, and expects a rebound after June quarter-end as foreign selling ends and rate concerns ease. He highlights rotation opportunities into financial holdings, a bullish thesis on Samsung's HBM4 push and Hyundai Mobis's cheap robotics acquisition, and notes that shipbuilding/defense could become attractive if rate hikes materialize.

• KOSPI's sharp drop was led by leverage/ETFs and rebalancing, not a change in fundamentals
• Expect a market rebound after quarter-end foreign selling subsides and rate hike fears calm
• Korean financial holding companies acted as a defensive rotation play during the tech sell-off
• Samsung Electronics may gain an advantage from aggressive HBM4 expansion as rivals shift focus
• Hyundai Mobis's acquisition of Boston Dynamics is undervalued and positive for long-term robotics growth
• If US rate hikes actually occur, shipbuilding and defense sectors could outperform growth/AI names
• Overall strategy: stay invested in AI and policy themes, but manage near-term volatility until end of June
• Avoid chasing rallies; wait for clearer signals after quarter-end noise