How long will this 'suffocating tunnel' continue? | Yoon Jeong-sik, Baro Asset Management Managing Director

Baro Asset Management's Managing Director Yoon Jeong-sik analyzes the KOSPI and KOSDAQ markets, pointing to KOSDAQ's short-term strength driven by oversold conditions and thin supply, with a target of 900 points. He maintains a long-term bullish stance on Samsung Electronics and SK Hynix but advises patience due to overhead supply. Additionally, he identifies positive momentum in shipbuilding, construction, refining, semiconductor equipment, and robotics sectors as the market stabilizes. - KOSDAQ is oversold with sharply reduced credit balances and thin overhead supply, likely to rise to 900–910 points easily. - Samsung Electronics and SK Hynix remain fundamentally cheap with strong earnings but need time to digest overhead supply before trending higher. - Semiconductor equipment stocks have about 20% upside potential to their 60-day moving average and are supported by upcoming September policy catalysts. - Shipbuilding stocks are bottoming and repricing higher on strong earnings expectations, with HD Hyundai Heavy Industries leading. - Large-cap construction companies are recovering on normalized domestic housing margins and data center projects. - Refining stocks like SK Innovation and S-Oil are benefiting from improved margins and higher oil prices. - Robotics stocks gained attention from Samsung's internal robot demo and sector rotation within KOSDAQ. - Fed rate-hike fears are likely overdone, with the balance of risks leaning toward a continued hold rather than a hike.