July 8 Closing Market Review: The Moment You Sell in Fear Is Too Late… Now Is the 'Waiting Period'

Summary

On July 8, KOSPI and KOSDAQ plunged over 5% for a second day, triggering sell-side car again. Guests Lee Kwon-hee and Jang Woojin argued the sell-off was overdone, driven by retail panic and an NPS rebalancing void, while foreign investors bought. They expect a short-term technical rebound, favor semiconductors and selective defensive plays, and warn against chasing broken future-theme stocks.

• KOSPI fell 5.35% and KOSDAQ 5.56% amid retail selling, geopolitical fear, and NPS rebalancing absence.
• Foreign investors net bought stocks and futures, and heavily sold puts, signaling limited downside.
• A short-term technical rebound is highly likely based on ADR, put option positioning, and extreme oversold conditions.
• Semiconductor sell-off is overdone; AI CapEx remains strong and memory supply tight, with Samsung and SK hynix attractive for a bounce.
• US equities are preferred over Korean non-semiconductor sectors as a better destination for rotation.
• Korean bank stocks like KB and Shinhan offer defensive yields and benefit from aggressive buybacks.
• Inbound tourism and entertainment names are showing bottoming signals and may lead a rotation rebound.
• Robotics and future-theme stocks are not yet ready to rebound; wait for lower long-term rates before buying.