Extreme concentration market.. If you sell semiconductor stocks now, you'll be in big trouble / Why JPMorgan bet on the Korean stock market... Next week's leading stock is 'here' | Director Park Hyunsang

Summary

Director Park Hyunsang examines extreme concentration and volatility in Korean markets, fueled by derivatives activity and foreign macro-driven selling. He argues the AI rally is not over and expects Samsung Electronics and SK Hynix to rebound ahead of Q2 earnings. He endorses JPMorgan’s overweight call on non-semiconductor sectors—defense, shipbuilding, power equipment, autos—based on solid earnings and governance improvement, and recommends gradually building positions in those sector leaders.

• Extreme volatility stems from leveraged derivatives and frequent foreign selling on macro noise.
• AI semiconductor correction mirrors the November Oracle scare; big tech capex cuts are not imminent, so the rally remains intact.
• Samsung Electronics and SK Hynix are likely to rebound by July ahead of strong Q2 earnings reports.
• JPMorgan styles Korea ex-semiconductors as a top pick, favoring defense, shipbuilding, power equipment, and autos on earnings resilience.
• Sector leaders in those non-chip areas should be accumulated gradually; shipbuilding still hasn't moved much.
• Extreme market concentration leaves oversold sectors lightly held and ready to reverse on any catalyst.
• Portfolio splitting and preserving cash are needed to capture reversals; use 30-minute candle confirmations for entry.