KOSDAQ Surge, Is It a Signal for a Big Reversal Rally? / End of Volatility.. What's the Real Direction of the Stock Market After Futures & Options Expiration?

Summary

Director Lee Ju-yeon explains the KOSDAQ surge driven by light credit positioning and upcoming July policy reforms. She argues recent volatility was caused by single-stock leverage ETF unwinding, not fundamentals, and expects stabilization after futures and options expiry. She presents long ideas in KOSDAQ, cheap KOSPI, semiconductor equipment, secondary batteries, and tourism-linked consumer sectors, with Samsung Electronics and SK Hynix also seen as holding an uptrend.

• KOSDAQ rallied 4.7% today led by top 150 stocks, driven by credit-weight divergence vs heavy KOSPI.
• New KOSDAQ policies (up/down classification, delisting of zombie stocks) effective July are creating positive expectations.
• Futures/options expiry day was navigated well; volatility from leverage ETF unwinding should fade post-expiry, with the market stabilizing.
• Foreigners are buying futures near KOSPI 7,500, establishing a strong psychological support zone.
• KOSPI forward PER is very cheap at 7.3x, making current levels attractive for long-term positions.
• Semiconductor equipment imports are rising, signaling that domestic chipmakers are ordering equipment and benefiting the 소부장 sector.
• Inbound tourism has reached a record 2 million visitors, driving re-rating in department store, apparel, and entertainment stocks.
• Secondary battery stocks are deeply depressed with low Q2 expectations, but a H2 turnaround is possible.