The market where individuals endure is over... 'Real rebound' depends on institutional supply and demand | Hong Seonae, Park Byeongchang MP Partners CEO [Yeouido Insight]

Summary

Park Byeongchang, CEO of MP Partners, dissects the KOSPI’s rapid 3,000-point drop over a month, blaming ETF overheating and leveraged product disruptions. He argues the market is deeply oversold and expects a rebound led by institutional buying, which makes holding semiconductors essential. He also highlights the resilience of physical AI stocks and casts doubt on KOSDAQ’s ability to recover, while advising that big tech earnings alone will not reignite the semiconductor rally.

• KOSPI collapsed from 9,000 to 6,000 in a month due to ETF-driven overheating and leveraged product turmoil.
• Speaker sees the decline as abnormal and expects a rebound as institutions and foreigners turn buyers.
• Semiconductors are mandatory holdings for the rebound; index recovery cannot happen without them.
• Physical AI/robotics stocks showed zero downside during the crash and are praised for their resilience.
• KOSDAQ is deemed structurally broken by policy failures, biotech implosions, and weak institutional support.
• The speaker reveals his own positioning: long semiconductors, power/energy, and physical AI, plus a KOSDAQ index position he may exit.
• Big tech earnings are downplayed as a significant catalyst; the real driver is the unwinding of ETF froth.
• A dip below 6,000 would be seen as a temporary flush and a strong buying opportunity.