End of the market where only semiconductors rise? August will be the start of a 'diffusion market' | Kwon Taek-jung, Deputy Branch Manager, Hana Securities The Centerfield W

Summary

Kwon Taek-jung of Hana Securities outlines his outlook for August, predicting a market diffusion away from semiconductor concentration toward broader KOSDAQ strength. He expects the KOSDAQ index to recover to around 900 points, driven by the drastic reduction in margin debt and a broadening of sector participation. Key sectors highlighted include KOSDAQ semiconductor equipment (Doosan Tesna, PSK Holdings), Korean data center energy infrastructure (SK Eternix, GNC Energy), and robotics (Robotis, Rainbow Robotics). After the KOSDAQ rally, he sees a rotation back into KOSPI memory leaders Samsung Electronics and SK hynix.

• KOSDAQ margin loan balances have nearly halved, creating an oversold 'empty house' ripe for a rebound.
• August is expected to bring market broadening beyond the single-stock semiconductor dominance.
• KOSDAQ target range is around 900 points with a 20% tactical allocation recommended.
• KOSDAQ semiconductor equipment names like Doosan Tesna and PSK Holdings are favored as AI capex cycles begin.
• Korean domestic AI data center buildout supports energy infrastructure stocks such as SK Eternix and GNC Energy.
• KOSDAQ robotics plays Robotis and Rainbow Robotics benefit from captive demand and possible earnings turnarounds.
• Once KOSDAQ reaches 900, a rotation back into KOSPI memory stocks (Samsung Electronics, SK hynix) is anticipated.
• Regulatory moves on leveraged ETFs and single-stock concentration have reduced some tail risks for the broader market.