If you only chase the index, big trouble… The real game begins from summer?! | Director Park Byung-chang, Kyobo Securities Asset Management Strategy Department

If you only chase the index, big trouble… The real game begins from summer?! | Director Park Byung-chang, Kyobo Securities Asset Management Strategy Department [Market Inside]

Watch on YouTube ↗ | April 28, 2026 at 00:28 | 42:18 | 3PRO TV (삼프로TV)

Speakers

Park Byeong-chang — Director, MP Partners

Summary

Park Byung-chang of Kyobo Securities reviews record-high US and Korean markets, arguing that index upside momentum is slowing while individual sectors rotate. He highlights AI and semiconductor leadership, SK hynix over Samsung, power equipment strength, and a policy-driven market where active sector selection matters. He also covers geopolitical risks, Fed and BOJ uncertainty, Intel CPU demand, and Korean tax policy.

US and Korean indices are at record highs, but the pace of gains is expected to slow and vertical overshoots could mark short-term tops.
AI and next-generation growth equities remain strong despite oil, inflation, and economic slowdown concerns.
Nvidia, AI memory, and SK hynix show relative strength, while Samsung Electronics lags on strike-related noise.
Korean market rotation favors power equipment, semiconductors, steel, glass substrate, robotics, and bio.
Intel is benefiting from rising CPU demand and price increases in AI data centers.
Policy transitions, especially Korean strategic technology investment and US policy, are key for stock selection.
Geopolitical conflicts, Fed communication changes, BOJ risk, and Korean tax revisions are important macro watch items.

Ideas

Park Byeong-chang Director, MP Partners 0:41

US indices likely pause sideways

The US and Korean markets are at record highs, but the pace of gains should slow after the sharp rally from the lows. The US market is likely to pause, move sideways, or stay in a box range, with limited downside if it pulls back; a vertical overshoot would raise short-term top risk.

Park Byeong-chang Director, MP Partners 4:05

Nvidia breakout strengthens AI momentum

Nvidia broke to a new all-time high, and the speaker notes that breakouts in this stock tend to be followed by stronger momentum. Its forward P/E of about 24x is not expensive versus peers, and Nvidia's chip dominance may last for years because of enormous data-center capital spending.

Park Byeong-chang Director, MP Partners 4:46

SK hynix premium justified by AI

SK hynix is stronger than Samsung Electronics because of its closer linkage to Nvidia and AI memory demand, while Samsung is weighed down by strike noise. The speaker also says SK hynix's valuation premium over Micron is justified and its market cap is heading toward 1,000 trillion won.

Park Byeong-chang Director, MP Partners 7:29

LS Electric strong but overextended

LS Electric has strong fundamentals and earnings growth expectations, but the stock has risen sharply and its deviation is stretched. Foreign investors are selling while domestic institutions buy; the speaker advises against chasing at highs and favors buying on a base breakout or pullback.

Park Byeong-chang Director, MP Partners 10:35

Korean sector rotation beats index chasing

The Korean index may not need to rise strongly for investors to make money because institutional active money is rotating across sectors. Leading sectors rest while laggards rebound, so sector and stock selection matters more than simply chasing the index; the real game is expected from summer/fall. A vertical index overshoot remains the main short-term top risk.

Park Byeong-chang Director, MP Partners 16:58

AI growth decoupled from macro slowdown

Oil, inflation, and economic slowdown risks are mainly hitting energy-dependent economies, but AI and next-generation growth stocks are decoupled from those macro pressures. That is why AI/growth leadership continues to drive new highs even as the broader economy faces headwinds.

Park Byeong-chang Director, MP Partners 23:02

Korean power equipment sector leads

Power equipment is the strongest Korean market sector, supported by AI/data-center and electricity infrastructure demand. HD Hyundai Electric and Hyosung Heavy Industries are leading the move, though investors should be selective because some names are extended.

Park Byeong-chang Director, MP Partners 32:04

BlackRock overweight semis and hardware

BlackRock reported an overweight on semiconductors and hardware, arguing that AI is moving from introduction to adaptation and that the huge data-center capex provides sufficient basis to invest in AI-related equities despite uncertainty over final winners.

Park Byeong-chang Director, MP Partners 32:22

Intel gains from CPU demand

Intel is seeing higher CPU demand as AI data centers move from a GPU-heavy ratio toward more balanced CPU/GPU ratios. Prices have already risen, previously scrapped CPUs are selling, and Q1 average selling prices rose 27% with room for further increases.

Park Byeong-chang Director, MP Partners 33:00

Follow Korean policy technology beneficiaries

Korea is entering a policy-transition era, with the government planning 60 trillion won of investment across 55 strategic technologies including AI, advanced robots, mobility, security, networks, semiconductors, displays, bio, next-generation batteries, aerospace, and defense. Investors should align with policy-driven beneficiaries, while US policy has even greater market impact; stocks outside policy should be treated as short-term trades.

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This 3PRO TV (삼프로TV) video, published April 28, 2026, features Park Byeong-chang discussing SPY, QQQ, NVDA, 000660.KS, 010120.KS, EWY, AI-related equities, 267260.KS, 298040.KS, SMH, INTC, Korean policy-beneficiary technology sectors. 10 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Byeong-chang · Tickers: SPY, QQQ, NVDA, 000660.KS, 010120.KS, EWY, AI-related equities, 267260.KS, 298040.KS, SMH, INTC, Korean policy-beneficiary technology sectors