The Difference Between Correction and Decline... Watch This | Lee Jae-man, Head of Global Investment Analysis, Hana Securities Research Center

'조정과 하락 차이'...이걸 보세요 | 이재만 하나증권 리서치센터 글로벌투자분석실 실장 [더블 업]
Watch on YouTube ↗  |  February 09, 2026 at 01:07  |  16:42  |  3PRO TV (삼프로TV)
Speakers
Lee Jaeman — Head of Global Investment Analysis, Hana Securities Research Center

Summary

Lee Jae-man, head of global investment analysis at Hana Securities Research Center, argues that the recent Korean equity pullback is a normal bull-market correction rather than the start of a systemic decline. He cites still-strong bank stocks, ample liquidity, and the KOSPI's historical 8-10% correction range, while favoring semiconductor leaders on rebounds. The discussion also covers yen/won-linked Asian equity flows, Bitcoin's correlation with Trump approval, commodity margin-hike selloffs, and a weekly sector-leadership signal pointing to semiconductors and nuclear power.

  • Lee distinguishes a bull-market correction from a structural decline.
  • KOSPI's recent 5-6% drop is within the normal 8-10% correction range.
  • Korean bank stocks at highs argue against a systemic financial crisis.
  • Semiconductors remain the leading Korean market theme; leaders may fall more but rebound faster.
  • Yen strength and a weaker dollar could support Asian equities and foreign inflows into Korea.
  • Bitcoin is tied to Trump approval, while commodities may rebound after margin-hike selling.
  • Weekly rebound leaders tend to lead for about three months, currently semiconductors and nuclear power.
Ideas
Lee Jaeman Head of Global Investment Analysis, Hana Securities Research Center 3:02
Weak dollar supports Asian equities.
Yen strength and expectations of lower US rates and a weaker dollar are driving Asian equities higher. The won is now highly correlated with the yen, and if USD/KRW forms a peak near the symbolic 1480 level and turns lower, foreign buying should return to Korea and the KOSPI can rebound alongside the Nikkei.
USD/KRW MED
Lee Jaeman Head of Global Investment Analysis, Hana Securities Research Center 4:37
Buy Korean semiconductor leaders on dips.
Semiconductors are the KOSPI's market leaders and cannot be excluded from the Korean market because Samsung Electronics and SK hynix account for more than half of KOSPI net income. In a volatile bull market, investors should return to leaders; leading stocks tend to fall about twice as much as the index during corrections but can rebound up to three times as much, so semiconductor leaders are favored on weakness.
005930.KS 000660.KS HIGH
Lee Jaeman Head of Global Investment Analysis, Hana Securities Research Center 7:47
KOSPI pullback is a buying opportunity.
Yen strength and expectations of lower US rates and a weaker dollar are driving Asian equities higher. The won is now highly correlated with the yen, and if USD/KRW forms a peak near the symbolic 1480 level and turns lower, foreign buying should return to Korea and the KOSPI can rebound alongside the Nikkei.
EWY N225 HIGH
Lee Jaeman Head of Global Investment Analysis, Hana Securities Research Center 10:16
Bitcoin tracks Trump approval for stability.
Bitcoin's price has been highly correlated with President Trump's approval rating since 2025 because the market prices in Trump's pro-crypto stance. With Trump's approval at its lowest level since inauguration, Bitcoin has weakened; a rebound in his approval would be needed for Bitcoin to stabilize.
BTC MED
Lee Jaeman Head of Global Investment Analysis, Hana Securities Research Center 11:22
Commodities likely rebound after margin selloff.
The recent drop in gold, copper, palladium, and other commodities was driven mainly by exchange margin requirement hikes and forced profit-taking, not by a change in fundamental demand. Because the selloff is technically driven, commodity prices are likely to reverse upward more quickly.
GLD COPPER PALL MED
Lee Jaeman Head of Global Investment Analysis, Hana Securities Research Center 15:33
Weekly rebound leaders lead for months.
After a sharp weekly rebound, the sector that led the market most strongly during that week tends to remain the top-performing sector for at least three months. The current rebound leaders appear to be semiconductors and nuclear power, making them worth monitoring as the likely near-term leaders.
Korean nuclear power MED
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This 3PRO TV (삼프로TV) video, published February 09, 2026, features Lee Jaeman discussing USD/KRW, 005930.KS, 000660.KS, EWY, N225, BTC, GLD, COPPER, PALL, Korean nuclear power. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Jaeman  · Tickers: USD/KRW, 005930.KS, 000660.KS, EWY, N225, BTC, GLD, COPPER, PALL, Korean nuclear power