Money Hasn't Left, It's Waiting... Signs the September Stock Market's 'Self-Correction' Has Begun

Summary

Lee Han-young, Head of Equity Management at Bogo Fund Asset Management, tells Hong Seon-ae that Korean equities are in a self-correcting phase: money has not left but is waiting after July's mechanical deleveraging. He expects a slower rotation-led recovery rather than a V-shaped rebound, with the key confirmation window around mid-October after the holidays and FOMC/BOJ events. He favors semiconductor leaders, the power equipment shift to LS Electric, US solar regulation beneficiaries, selected bio names, machinery, cosmetics, and LG Innotek as a robotics supplier.

• July was marked by repeated fake rebounds and mechanical hedge-fund deleveraging, but fundamentals were later confirmed sound in earnings.
• Customer deposits remain near 99 trillion won while trading value has fallen, indicating waiting liquidity rather than market exit.
• Lee expects a slower, rotation-driven recovery rather than a V-shaped rebound, with patience into October.
• Semiconductor and substrate leaders are viewed as a time game supported by buybacks and long-term supply contracts.
• Power equipment advantage has shifted to LS Electric because of the distribution board cycle and US restrictions on Chinese parts.
• Solar beneficiaries Hanwha Solutions and OCI Holdings have a Section 232 catalyst starting December 4.
• Bio is split between Celltrion's improving earnings and Alteogen's biotech momentum.
• Robotics is best played through LG Innotek as a common vision supplier, while machinery and shipbuilding benefit from engine demand.