KOSPI Goes to 10,000? The Real Variable is Exchange Rate | Park Byeong-chang, MP Partners CEO

Summary

Park Byeong-chang, CEO of MP Partners, discusses the KOSPI's path toward 10,000 with the exchange rate as the critical variable. He highlights growing market discomfort due to extreme concentration in semiconductors and AI, and suggests a rotation into shipbuilding and defense. He also warns against chasing purely thematic physical AI and robot stocks.

• KOSPI approaches 10,000 but volatility and concentration raise concerns.
• Won weakness (1,535/USD) is seen as a major risk factor.
• Shipbuilding, LNG, nuclear, and defense sectors may benefit when semiconductors rest.
• Physical AI and robot stocks are falling; they lack earnings support.
• KOSDAQ revitalization measures are anticipated but uncertain.
• Goldman Sachs sees further upside in KOSPI based on earnings and value-up catalysts.