Is the semiconductor monopoly ending? July market's real variable | Park Byeong-chang, MP Partners CEO [Market Inside]

Summary

Park Byeong-chang analyzes the recent sharp sell-off in KOSPI and KOSDAQ, attributing it largely to semi-annual rebalancing rather than fundamentals. He highlights the Yongin mega cluster announcement as a catalyst for semiconductor equipment and power infrastructure themes, while also noting a Goldman Sachs humanoid robot report boosting Hyundai Motor. He remains bullish on KOSPI recovering but sees KOSDAQ as unreliable, and suggests the market may rotate away from concentrated semiconductor mega-caps.

• US and Korean markets experienced severe tech-led volatility last week, with KOSDAQ triggering circuit breakers twice and falling 30% from its peak.
• The sell-off is viewed as supply- and rebalancing-driven rather than fundamental; foreign selling versus record individual buying supports this view.
• The Yongin semiconductor mega cluster investment plan is expected to create themes in semiconductor equipment and data center/power infrastructure.
• Semiconductor equipment stocks like PSK, Wonik IPS, and TES are called a sure buy, showing strength even during the market plunge.
• Power infrastructure names such as HD Hyundai Electric, LS Electric, and Hyosung Heavy Industries are seen as beneficiaries of the buildout.
• Goldman Sachs' positive humanoid robot report is cited as a catalyst for Hyundai Motor's robotics play.
• Park expects KOSPI to recover and challenge new highs, but warns KOSDAQ remains untrustworthy in the near term.
• A potential second-half rotation away from the Samsung-SK Hynix concentration is flagged as the best-case scenario.