SK Hynix's 40 Trillion Won Good News... What Suppressed the Stock Price Was Not Bad Semiconductor News, But 'Interest Rates'

Summary

Park Byeong-chang sees the KOSPI sell-off as driven by global bond yields and foreign index selling, not semiconductor fundamentals. He expects a limited near-term rebound aided by SK Hynix's 40 trillion won buyback/burn, but warns upside stays capped until rate stress clears. He outlines a KOSPI technical line at 6,500, with 7,200-7,500 above if held, and prefers KOSDAQ momentum names on pullbacks.

• Global government bond yields are rising across Germany, the U.S., Japan, and Korea, making bonds unattractive.
• Park Byeong-chang argues today's KOSPI fall is a rate/currency-driven foreign sell-off rather than semiconductor weakness.
• SK Hynix announced 40 trillion won in treasury stock buyback/cancellation; its ADR rose about 6% after close.
• He expects a limited next-day KOSPI rebound, capped by unresolved bond-yield pressure.
• KOSPI's key near-term level is 6,500; holding supports a move to 7,200-7,500, losing it argues for patience.
• Samsung Electronics is flagged as a profit-taking zone near its July 23 high around 276,000 won.
• KOSDAQ rotation is viewed as changed; strong momentum names can be bought on pullbacks, with KOSDAQ potentially breaking 900.