September 2026 Monthly Outlook: Individual Stock Market Begins - Chesley Investment Advisory Executive Director Park Se-ik

Summary

Park Se-ik presents his September 2026 KOSPI/KOSDAQ outlook. He expects central bank policy to stay on hold and rate-hike fears to fade, with pre-Chuseok buying and an October bull market attempt. He favors KOSDAQ recovery, Samsung Electronics and SK hynix rebound setups, Micron, S&P 500, Bitcoin, and Kiwoom Securities, while advising selling SanDisk rallies and staying defensive on oil. He also sees a liquidity rotation from large-cap semiconductors into small-cap individual stocks, creating a stock-picker's market.

• September view: limited KOSPI downside with an upside test toward 7,380-7,500 and pre-Chuseok buying.
• Fed/BOJ expected to hold; a mild unemployment uptick is seen reducing rate-hike fears.
• KOSDAQ historically recovers after breaking its 10-year moving average; near-term rebound toward 900-950 is expected.
• Samsung Electronics can stay strong until operating margin peaks; SK hynix may build a right shoulder toward 230,000-250,000 won.
• Micron earnings and low valuation support a post-Chuseok rebound; SanDisk rallies are viewed as selling opportunities.
• S&P 500 monthly trend and model score remain bullish; Bitcoin's midterm-cycle bottom may be forming.
• Kiwoom Securities is a rebound candidate as Korean securities benefits from structural growth.
• Liquidity rotation from Samsung/SK hynix into Korean small-cap stocks supports an individual stock market.