KOSDAQ Plunges Again... How Long Will Semiconductor Concentration Continue? / The Real Reason Why 3 Rate Hikes This Year Are Difficult | CEO Lee Gwon-hui

Summary

CEO Lee Kwon-hee analyzes a market where KOSPI rallies on memory semiconductor strength led by Micron's blowout earnings, while KOSDAQ sinks deeper amid extreme concentration and policy disappointment. He highlights direct beneficiaries of oil price decline in airlines and utilities, and within KOSDAQ, only semiconductor equipment stocks are holding up. He suggests KOSDAQ is likely to remain under pressure until at least August.

• Micron earnings surprise ignites strong rally in Samsung Electronics and SK hynix, driving KOSPI higher.
• KOSDAQ continues to fall, broken 1050 support, vicious cycle of selling KOSDAQ to buy large-cap semis.
• Oil price drop to $60 range boosts Korean Air and KEPCO as classic beneficiaries.
• Semiconductor equipment stocks (PSK, Eugene Tech, Wonik IPS) are the only resilient group in KOSDAQ.
• Policy delay on KOSDAQ stock tier reform adds to disappointment and weakens sentiment.
• Foreign investors remain neutral in futures but build upside options, seeking short-term gains.
• Lee expects KOSDAQ meaningful recovery only after August, once rebalancing ends and policy clarity emerges.