Semiconductor Index Rebalancing Shakes the Market, Will Semiconductors Start Rising?

Semiconductor Index Rebalancing, Market 'Fluctuates' Semiconductors Start Rising? | Park Hyunji, Choi Changgyu, Yeo Doeun, Heo Jaemu [Morning N Investment]
Watch on YouTube ↗  |  September 10, 2026 at 02:21  |  56:48  |  3PRO TV (삼프로TV)
Speakers
Park Hyun-ji — Manager
Choi Chang-gyu — Director, NH Investment & Securities
Yeo Doeun — Host

Summary

The show discusses Korean market weakness on quadruple witching and KRX semiconductor index rebalancing. Park Hyun-ji explains cash-parking ETF strategies and dollar-based accumulation amid September macro uncertainty. Choi Chang-gyu details index-rebalancing effects on Samsung Electronics and SK hynix and semiconductor equipment, then argues for AI demand, the NVIDIA value chain, short-term bond dry powder, won-strength beneficiaries, nuclear ETFs and submarine cable plays.

  • KOSPI/KOSDAQ fell on quadruple witching, with foreigners and institutions selling.
  • KRX semiconductor index rebalancing cuts constituents and forces cap-weight selling of Samsung Electronics and SK hynix.
  • Rebalancing also shifts passive buying into semiconductor equipment and supply-chain names.
  • Park Hyun-ji recommends parking cash in MMF/rate ETFs and accumulating dollar MMF/short-term Treasury ETFs on dollar weakness.
  • Choi Chang-gyu expects AI agent demand to support HBM, DRAM and SSD, and sees Samsung Electronics and SK hynix dips as buying opportunities.
  • Choi Chang-gyu favors the NVIDIA value chain, short-term bond ETFs as dry powder, and cash-like MMF/CD/KOFR ETFs.
  • Won strength is expected to continue; imported-raw-material beneficiary sectors, nuclear ETFs and submarine cable names are highlighted.
Ideas
Park Hyun-ji Manager 8:00
AI data center infrastructure ETFs outperform.
Amid oil and rate-driven market volatility, AI-linked sectors are the only clear bright spot, and domestic ETF flows have concentrated in semiconductors, construction, nuclear power and data center infrastructure—all tied to AI data center buildout—so those sectors are positioned to rise once macro anxiety fades.
KODEX Construction ETF URA Data Center 4 Plus ETF MED
Park Hyun-ji Manager 9:03
Watch Bitcoin and gold.
The debasement trade is continuing; investor interest remains in Bitcoin and crypto assets, and gold is another sector that should remain on the watch list.
BTC GLD MED
Park Hyun-ji Manager 10:34
Park cash in MMF and rate ETFs.
September has multiple macro events and high uncertainty, making aggressive sector bets unattractive. Investors should park idle cash in cash-like ETFs such as MMFs and CD rate products to earn interest while waiting for AI momentum to return, because dry powder is needed when those opportunities appear.
Korean MMF ETF HIGH
Park Hyun-ji Manager 13:00
Accumulate dollar MMF and Treasury ETFs.
Investors should actively use cash-like ETFs such as MMFs, CD rate ETFs and KOFR ETFs for idle cash and pension accounts. Higher MMF yields embed credit risk, so risk-averse investors should prefer CD/KOFR rate ETFs; when comparing MMFs, check periodic returns and tight bid-ask spreads because wide spreads can erase the small yield.
BIL Korean CD rate ETF HIGH
Choi Chang-gyu Director, NH Investment & Securities 26:37
Rebalancing favors semiconductor equipment names.
The same rebalancing shifts index weight away from Samsung Electronics and SK hynix and increases weight in semiconductor equipment and materials names; ETFs must buy names such as Jusung Engineering, Hanmi Semiconductor and Wonik, giving them relative support.
036930.KQ WONIK MED
Choi Chang-gyu Director, NH Investment & Securities 29:55
Avoid Samsung and SK hynix today.
KRX semiconductor index rebalancing forces passive selling of Samsung Electronics and SK hynix because their index weights exceed the 20% cap, and quadruple witching adds program trading; this creates clear short-term downward pressure, so investors should not chase them into today's close.
005930.KS 000660.KS HIGH
Choi Chang-gyu Director, NH Investment & Securities 35:30
NVIDIA remains strongest AI compute.
NVIDIA is the first thing to watch in AI because it and its value chain are most dominant; Google TPU appears to be losing ground versus NVIDIA GPU, so NVIDIA remains the preferred AI compute exposure.
NVDA MED
Choi Chang-gyu Director, NH Investment & Securities 39:00
Use MMF, CD, KOFR cash ETFs.
Investors should actively use cash-like ETFs such as MMFs, CD rate ETFs and KOFR ETFs for idle cash and pension accounts. Higher MMF yields embed credit risk, so risk-averse investors should prefer CD/KOFR rate ETFs; when comparing MMFs, check periodic returns and tight bid-ask spreads because wide spreads can erase the small yield.
KOFR MED
Choi Chang-gyu Director, NH Investment & Securities 50:03
Korean won to strengthen further.
Structural dollar inflows from Korean exports, the SK hynix ADR dollar conversion, and the narrowing US-Korea rate gap can push USD/KRW down to 1,300 or even the 1,200s; this is a structural won strength view.
USD/KRW MED
Choi Chang-gyu Director, NH Investment & Securities 50:03
Favor won-strength import-beneficiary sectors.
Under the won strength view, tilt toward sectors that benefit from cheaper imported raw materials: transportation, chemicals, utilities and refiners.
Korean transportation sector Korean chemicals sector Korean Utilities Sector Korean refiners MED
Choi Chang-gyu Director, NH Investment & Securities 52:24
Nuclear ETF wins from AI and won.
Korea nuclear power ETF is attractive because AI data centers need clean fuel and the ETF is full of construction/plant names that are themselves won-strength beneficiaries through imported raw materials.
Korea Nuclear Power ETF MED
Choi Chang-gyu Director, NH Investment & Securities 55:35
Submarine cable names benefit from AI.
The AI value chain is broadening from chips to network/telecom infrastructure that connects data centers, and submarine cables are a key beneficiary; LS Cable and its marine business are direct plays.
LS Marine Solution LS Cable & System MED
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3PRO TV (삼프로TV) · Sep 10

This 3PRO TV (삼프로TV) video, published September 10, 2026, features Park Hyun-ji, Choi Chang-gyu discussing KODEX Construction ETF, URA, Data Center 4 Plus ETF, BTC, GLD, Korean MMF ETF, BIL, Korean CD rate ETF, 036930.KQ, WONIK, 005930.KS, 000660.KS, NVDA, KOFR, USD/KRW, Korean transportation sector, Korean chemicals sector, Korean Utilities Sector, Korean refiners, Korea Nuclear Power ETF, LS Marine Solution, LS Cable & System. 12 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Hyun-ji, Choi Chang-gyu  · Tickers: KODEX Construction ETF, URA, Data Center 4 Plus ETF, BTC, GLD, Korean MMF ETF, BIL, Korean CD rate ETF, 036930.KQ, WONIK, 005930.KS, 000660.KS, NVDA, KOFR, USD/KRW, Korean transportation sector, Korean chemicals sector, Korean Utilities Sector, Korean refiners, Korea Nuclear Power ETF, LS Marine Solution, LS Cable & System