Why Did KOSDAQ Alone Rise? If Samsung Electronics and SK Hynix Rebound, Supply and Demand Will Move Again | Park Byung-chang, MP Partners CEO

Summary

Park Byung-chang, CEO of MP Partners, explains the sharp divergence last week between KOSPI (down 5%) and KOSDAQ (up 10.9%). He attributes the KOSPI weakness to Samsung Electronics and SK hynix plunging while global peers rallied, and expects both to rebound as the extreme underperformance normalizes. He highlights a rotation of leveraged ETF money out of the two chip giants into KOSDAQ, boosting the junior index, and names Korea Zinc as a beneficiary of a U.S. critical minerals push. He warns against chasing stocks like Alteogen and Naver that are at heavy resistance levels.

• Samsung Electronics and SK hynix fell 12-17% last week while Micron and the Philadelphia Semiconductor Index rose; speaker sees an abnormal disconnect likely to reverse.
• A contrarian Citi report argues memory market fears are overblown and HBM shortages will persist, supporting a rebound in Korean memory names.
• Regulatory margin hikes on Samsung/SK hynix leveraged ETFs caused a collapse in trading volume and a rotation into KOSDAQ leveraged ETFs, driving KOSDAQ’s sharp rally.
• Korea Zinc was directly named by the US Commerce Secretary as part of a $30 billion critical minerals supply chain investment, creating a fresh catalyst.
• Alteogen has surged 50% to a resistance zone where it consolidated for months; buying now risks facing heavy selling pressure.
• Naver is similarly at a repeatedly tested resistance level, making chasing the stock risky in the near term.
• The speaker generally sees upside for the KOSPI if Samsung and SK hynix stabilize, and notes the market’s psychology is still leaning upward.