Trading Volume Halved, But Opportunity Remains…Conditions for Performance Stocks to Start the September Rebound First | Cha Young-joo, Wise Economic Research Institute Director

Trading Volume Halved, But Opportunity Remains…Conditions for Performance Stocks to Start the September Rebound First | Cha Young-joo, Wise Economic Research Institute Director [Today's Focus Stocks]
Watch on YouTube ↗  |  September 03, 2026 at 11:30  |  37:44  |  3PRO TV (삼프로TV)
Speakers
Cha Young-joo — Director, Wise Economic Research Institute

Summary

Cha Young-joo reviews a liquidity-drained sideways Korean market and argues the KOSPI is holding a support zone where low-price buying appears. He discusses FX and IPO-driven foreign selling, short-term FX pressure on exporters, and political noise from U.S. tariff and Treasury headlines. He remains constructive on AI-driven semiconductors, Korean cosmetics, construction, and September shipbuilding catch-up, while flagging U.S. Treasury and corporate-bond dynamics.

  • Korean trading value and customer deposits have collapsed, but the index is holding support and low-price buying is emerging.
  • Anthropic's upcoming IPO may be drawing foreign cash out of Korean equities.
  • The won's sharp appreciation from 1,500 to 1,320 creates FX risk for exporters and could partially reverse toward 1,400.
  • Short-term FX translation may trim semiconductor profit estimates by about 10%.
  • AI data center demand remains intact per the Beige Book, supporting Samsung Electronics and SK hynix.
  • Korean cosmetics, construction, and shipbuilding are favored sectors; Samsung Heavy Industries is singled out.
  • U.S. Treasury yields are seen under pressure while 6-7% corporate bonds are attractive.
Ideas
Cha Young-joo Director, Wise Economic Research Institute 1:04
Hold current KOSPI support as opportunity.
The market is in a liquidity-drained sideways range, but he argues that if the KOSPI holds current support without breaking down, low-price buying is emerging and the index offers opportunities; the best scenario for now is sideways resilience.
EWY MED
Cha Young-joo Director, Wise Economic Research Institute 6:18
Participate in Anthropic IPO strongly.
Anthropic's IPO is expected in late September or early October and is a must-participate event; he believes it could attract more capital than SpaceX, and the need to fund IPO allocations may already be causing investors to sell existing equities.
ANTHROPIC MED
Cha Young-joo Director, Wise Economic Research Institute 8:16
Watch USD/KRW for rebound toward 1,400.
After the won's sharp appreciation from the 1,500 area to the 1,320 area, he says it is hard to bet on further won strength and warns of a possible rebound toward 1,400; FX whipsaw also makes foreign investors hesitant to enter Korean stocks.
USD/KRW MED
Cha Young-joo Director, Wise Economic Research Institute 9:54
Strong won may cut semiconductor profit estimates.
The Beige Book shows AI data centers are an actual economic driver, so AI demand remains alive; for Samsung Electronics and SK hynix the current problem is short-term supply/demand positioning rather than fundamentals, so the AI semiconductor thesis does not need to be abandoned.
005930.KS 000660.KS MED
Cha Young-joo Director, Wise Economic Research Institute 12:07
Buy Korean cosmetics on dips.
Korean cosmetics is sensitive to the won but sales are growing about 20% per quarter on exports; after mild pullbacks in APR and Cosmax, the sector remains attractive on dips and is a representative export-growth sector to watch.
APR Cosmax Korean cosmetics MED
Cha Young-joo Director, Wise Economic Research Institute 14:04
US Treasuries face upward yield pressure.
He interprets the Treasury Secretary's and New York Fed president's comments as political rather than reassuring; rising yields reflect fiscal debt burden and supply-driven inflation, and corporate bond supply is crowding out Treasuries, so the US Treasury market faces upward yield pressure.
TLT MED
Cha Young-joo Director, Wise Economic Research Institute 19:24
Favor six-percent corporate bonds over stocks.
In a weak sideways equity market, AI-related companies are issuing corporate bonds at 6-7% yields to fund data centers; large cash holders may prefer these corporate bonds over stocks, making corporate credit attractive and diverting demand from equities.
US corporate bonds MED
Cha Young-joo Director, Wise Economic Research Institute 26:06
Construction stocks gain on data center buildout.
Construction stocks are rebounding because data center construction and nuclear power plant needs are becoming new cyclical drivers; GS E&C and the broader construction group showed renewed strength and should be watched as part of AI power/data center infrastructure.
006360.KS Korean construction sector MED
Cha Young-joo Director, Wise Economic Research Institute 34:02
Shipbuilding stocks are September catch-up buys.
Shipbuilding stocks have solid earnings but did not rally in August, so September is a catch-up opportunity; among shipyards, Samsung Heavy Industries looks attractive because it is not already carrying the specific project expectations embedded in Hanwha Ocean or HD Hyundai Heavy.
010140.KS Korean Shipbuilding MED
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This 3PRO TV (삼프로TV) video, published September 03, 2026, features Cha Young-joo discussing EWY, ANTHROPIC, USD/KRW, 005930.KS, 000660.KS, APR, Cosmax, Korean cosmetics, TLT, US corporate bonds, 006360.KS, Korean construction sector, 010140.KS, Korean Shipbuilding. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Cha Young-joo  · Tickers: EWY, ANTHROPIC, USD/KRW, 005930.KS, 000660.KS, APR, Cosmax, Korean cosmetics, TLT, US corporate bonds, 006360.KS, Korean construction sector, 010140.KS, Korean Shipbuilding