Name: What matters more than this hike is the next one... "If they raise again next year, there's no answer" | Park Byung-chang, CEO of MP Partners [Market Inside]
Uploaded: 2026-09-16T00:21:33+00:00
Duration: 2433 s

Speakers

Park Byeong-chang — Director, MP Partners

Summary

Park Byung-chang reviewed a cautious Korean market waiting for the FOMC decision, with US semiconductors relatively resilient while oil and long-term yields stayed elevated. He highlighted BlackRock's upgrade of Korean equities, relative merit in SK hynix, the Samsung Electronics buyback and earnings setup, and a Samsung preferred-share governance catalyst. Other topics included KOSDAQ range trading, the stalled Clarity Act for crypto, geopolitical headlines, and intraday strength in power transmission and robot-related names.

Market is waiting for the FOMC outcome, with hike expectations and the dot plot seen as key.
US semiconductors were mixed to slightly higher, with Micron rebounding more than SK hynix.
BlackRock upgraded Korea/Taiwan emerging equities on deleveraging, AI resource access, and valuation.
Samsung Electronics buyback ends in early October, with Q3 earnings and foreign flows in focus.
KOSDAQ is trading in a 6,400-7,200 range; the 11-day moving average guides risk.
The Clarity Act remains stalled in the Senate, leaving crypto regulation as a pending catalyst.
A Samsung preferred-share buyback/cancellation proposal lifted preferred shares.
Intraday strength appeared in power transmission and robotics names, while AI platform/agent stocks lagged.

Ideas

Park Byeong-chang Director, MP Partners 5:52

S&P and Nasdaq setup for new highs.

The S&P 500 had broken out of a box range with Nvidia and is now testing that breakout area; if it holds and rises this week, the market is strong and appears to be trying for new highs, with Nasdaq showing a similar pattern. Park still notes FOMC uncertainty, so the setup is not confirmed.

Park Byeong-chang Director, MP Partners 6:50

SK hynix lags Micron, creating catch-up merit.

SK hynix's rebound from its July selloff has been much weaker than Micron's; Micron has recovered roughly half of its decline, while SK hynix remains far below its earlier high. Park views this relative underperformance as creating merit and leaving more room for SK hynix and the Korean market to catch up, although foreign target cuts and divided opinions keep conviction uncertain.

Park Byeong-chang Director, MP Partners 9:47

Korea and Taiwan equities offer relative value.

BlackRock upgraded Korean equities back to overweight after downgrading them to neutral in June, arguing that July-August deleveraging eased AI/semiconductor overheating and leverage risks. It expects Korea and Taiwan emerging-market equities to outperform because of access to scarce AI resources, solid earnings, and a valuation discount versus the US, and Park thinks this view will be broadly reflected.

Park Byeong-chang Director, MP Partners 15:50

Samsung Electronics buyback end may lift shares.

Samsung Electronics' share buyback runs through early October and Q3 earnings follow soon after; the won-strength hit to earnings is already being reflected, and Park thinks that once the buyback ends and earnings are released, foreigners may return, so he leans toward upside.

Park Byeong-chang Director, MP Partners 17:27

KOSDAQ range holds above confirmed low.

KOSDAQ is boxed between 6,400 and 7,200, but Park believes the low has been confirmed and a break below it is unlikely; below the 11-day moving average investors should be conservative, and above it more aggressive, so it is a range-trading setup rather than a confirmed trend.

Park Byeong-chang Director, MP Partners 27:22

Clarity Act is crypto market catalyst.

The US Senate failed to advance the Clarity Act, which would create a legal framework for digital assets and allow stablecoin interest, and crypto-related stocks fell; Park does not see Bitcoin as directly tied to the bill, but says passage would clearly be positive for the whole crypto market, and the Trump administration and industry are eager for it, making it a regulatory catalyst to watch.

Park Byeong-chang Director, MP Partners 29:52

Samsung preferred buyback proposal could add value.

Life Asset Management sent a shareholder proposal to Samsung Electronics' board asking it to buy and cancel preferred shares by year-end; Park notes preferred-share buybacks/cancellation could bypass the governance constraint created by financial affiliates' stake in Samsung Electronics and enhance shareholder value, and the preferred shares rose. Low float may make price swings sharp, and buybacks are not mandatory, but the purpose is clear.

What matters more than this hike is the next one... "If they raise again next year, there's no answer" | Park Byung-chang, CEO of MP Partners

Summary

Ideas

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