KOSPI Falls into Volatility 'Swamp'... The Counterattack of Leverage

Summary

Park Se-ik reviews a volatile KOSPI session driven by single-stock leveraged ETF feedback loops, SK hynix ADR excitement, and Iran geopolitical noise. He presents a range-bound framework for the Korean market and recommends accumulating KODEX 200 below 7,800, while also promoting his firm's multi-country fund as a retirement account vehicle.

• Volatility is amplified by single-stock leveraged ETFs whose rebalancing drives outsized swings in Samsung and SK hynix.
• Samsung Electronics delivers record quarterly earnings but its stock falls amid Morgan Stanley's peak chip fears.
• SK hynix ADR offering draws massive institutional demand; structural scarcity may keep ADR at a premium.
• Park Se-ik sees the KOSPI trading in a 6,300–9,300 range and advocates buying KODEX 200 (069500.KS) on weakness below 7,800.
• He also pitches the Chesley Korea-China-US Focus Fund, citing strong active returns in Chinese equities, and suggests adding to retirement accounts after the pullback.
• Iran tensions resurface but are viewed as a short-lived volatility catalyst, not a trend changer.
• He warns that single-stock leveraged ETFs are dangerous for long-term investors and that triple-leveraged products amount to gambling.