Foreigners Dumped 5.8 Trillion Won but the Market Didn't Collapse... This Week's Decisive Hint Is Out / Correction Until Chuseok Is a Bull Market Opportunity

Summary

Hwang Yuhyun, PB team leader at Shinhan Investment Corp, reviews the September futures and options expiration session, arguing that heavy foreign selling was absorbed without a collapse because derivatives are a zero-sum game dominated by foreign market makers. He expects KOSDAQ and small/mid caps to remain relatively stronger than KOSPI next week, with semiconductor equipment/materials and AI data center power and ESS battery chains as the most investable themes. He highlights TSE as a potential semiconductor equipment leader and sees SK hynix as capable of rebounding to 210,000 won, while advising retail investors to avoid derivatives and use buy-the-dip, sell-the-rally discipline into Chuseok.

• Foreign investors sold heavily across KOSPI, KOSDAQ, and futures, but the market held due to buybacks and derivative positioning.
• KOSDAQ is expected to stay relatively stronger than KOSPI next week because it is less affected by foreign futures selling.
• Semiconductor materials/parts/equipment is the strongest sector, with TSE making a new high and likely sector leadership.
• Secondary battery and ESS names including LG Energy Solution, Samsung SDI, SK Innovation, L&F, EcoPro, and POSCO Future M are bottoming and improving into year-end.
• AI data center demand makes power grids, power equipment, and efficiency-related plays attractive.
• SK hynix is viewed as capable of rebounding to 210,000 won before the setup becomes more difficult.
• The speaker advises against retail derivatives trading and suggests buying dips and selling rallies until Chuseok.