KOSPI 'True Rally' Begins: Volatility Down, Healthy Bull Market Arrives; Foreigners Bought First and 'This Sector' Will Rise Significantly | Kiwoom Securities Han Ji-young Research Fellow

Summary

The video features Kiwoom Securities Research Fellow Han Ji-young discussing the KOSPI rebound after the recent volatility shock. He argues foreign investors have returned, volatility is normalizing as leveraged products unwind, and Korean earnings recovery is broadening beyond semiconductors. He favors keeping semiconductors as a core position while adding lagging sectors such as IT hardware, securities, and retail/department stores, and expects USD/KRW to stay rangebound with limited upside.

• Han Ji-young sees foreign investors returning to Korean equities with August net buying after July selling pressure eased.
• He attributes inflows to cleared semiconductor deleveraging, cheaper KOSPI valuations, and lower volatility.
• KOSPI volatility is normalizing as single-stock leveraged and inverse product turnover collapses.
• He expects USD/KRW to remain near 1,410-1,450, with 1,500 difficult to break.
• Semiconductors remain the core Korean market leader but portfolio diversification into other sectors is warranted.
• He highlights Korean securities and retail/department store sectors as laggards with foreign inflow support.
• He also likes Korean IT hardware and notes foreigners are accumulating non-semiconductor Korean stocks.