Urgent Market Update: Absurd Plunge... SK Hynix Stock Plunges Even Without Rising / Tax Issues, ETF Concentration and Leverage Shock

Summary

Park Geun-hyung (IBK Investment & Securities) analyzes the sharp KOSPI/KOSDAQ selloff, attributing the Korea-specific plunge to tax fears and acute supply-demand distortions. He details how extreme ETF concentration inflated SK Hynix, why Samsung Electronics now trades at a steep discount, and how KOSDAQ's wafer-thin liquidity and delayed policy catalysts make it dangerous. He also identifies relative strength in nuclear/electrical equipment names and the forced proxy buying of SK Square and Samsung Life by constrained fund managers, while flagging Micron's earnings as a near-term binary event.

• KOSPI and KOSDAQ crash driven by tax scare sentiment and supply-demand dislocation rather than macro.
• SK Hynix surged on overwhelming global ETF inflows but now faces sharp long-to-short flow reversal and overbought readings.
• Samsung Electronics is 17% cheaper than Hynix on P/E despite higher expected profits, setting up a potential catch-up trade.
• KOSDAQ's liquidity is dangerously thin; the 30th-anniversary reform delay removes the last near-term catalyst.
• Nuclear/electrical equipment stocks (Doosan Enerbility, Hyundai Electric, Hyosung Heavy) show foreign buying and positive analyst catalyst.
• Fund managers are disguising exposure via SK Square and Samsung Life because they cannot reduce core Hynix/Samsung positions.
• Micron Technology’s earnings are a binary risk event with extreme whisper numbers and could swing the whole semiconductor complex.
• The market overall remains cheap on a 10-year P/E basis, so a full exit from semiconductors is not advised.