Retail investors got fleeced again… We fell for foreigners' subtle index management. 'Foreigners who recently bought 11 trillion won' How far will they push stock prices up? (Samsung Electronics) Hwang Yoo-hyun Team Leader

Summary

PB Team Leader Hwang Yoo-hyun analyzes the recent Korean market rebound driven by heavy foreign buying of 11 trillion won. He expects further KOSPI upside to 7,400–7,900, recommends holding Samsung Electronics and SK Hynix as core, and sees rotational opportunities in semiconductor equipment and long-term value in robotics and biotech stocks.

• Foreigners bought ~11 trillion won since mid-July, taking control of the market while individuals deleveraged.
• KOSPI is in an early technical rebound with upside targets at 7,400 (30% retracement) and 7,900 (50%).
• Samsung Electronics and SK Hynix remain the market leaders and must be kept in the portfolio; a gradual rise is better than a spike.
• Semiconductor equipment stocks (PSK, Tes, LTC) that held up well earlier are expected to rebound as rotational money returns.
• Robotics and auto-tech names (Rainbow Robotics, Hyundai Mobis, LG Electronics, etc.) offer attractive long-term value with very low valuations.
• Biotech (Alteogen, ABL Bio, Hanall Biopharma) is heavily washed out and may be a long-term buy for patient money despite weak near-term momentum.
• KOSDAQ index investing is deemed ambiguous; stock- and sector-picking is preferred.
• Trading discipline and patience are emphasized: chasing sharp rallies is dangerous, and the recovery will likely be rotational and drawn out.