Again, only Samsung Electronics and SK Hynix rise: What kind of volatility will come this time?

Summary

Jang Woojin analyzes the market rebound led by SK hynix on ADR custodian news that should narrow the price gap between US and Korean shares. He highlights a technical bounce in KOSPI from the 80-day moving average but notes weak breadth, especially in KOSDAQ. He advises avoiding SK hynix proxy stocks like SK Square and Samsung Life and points to warning signs in shipbuilding and cosmetics sectors.

• SK hynix ADR custodian arrangement up to 10x expected to converge US and Korean prices, driving local share recovery.
• KOSPI retraced half of its prior rally; the 80-day moving average provides support for a technical bounce.
• Foreign put-selling in options suggests upside bias for the day.
• Proxy stocks (SK Square, Samsung Life, Samsung C&T) underperform and should be avoided in favor of direct Hynix.
• Shipbing/defense fails to rally on good news, signaling weakness.
• Cosmetics sector sees outflow as funds rotate back into semiconductors.
• Market rebound overall lacks strong breadth; KOSDAQ remains vulnerable.