"Don't Predict the Top" — The Market Leader Won't Change Anyway. What Is the Real Area of Response You Should Prepare For? | Hong Seon-ae, Park Byung-chang, MP Partners

Summary

Park Byung-chang of MP Partners argues that trying to predict market tops is futile; instead investors should respond by buying on dips. He sees the current KOSPI sell‑off as driven by temporary supply events and maintains that the leading sectors—semiconductors and equipment—will not change. He outlines a first‑tier buy for Samsung Electronics, SK Hynix, Samsung Electro‑Mechanics and domestic semiconductor equipment stocks, a second‑tier hold for Hyundai Motor Group, shipbuilders, ESS and nuclear names, and a longer‑term bet on KOSDAQ top‑cap semiconductor stocks ahead of expected policy inflows. For cash holders, he recommends gradual accumulation of the KOSPI into the June FOMC.

• Park sees the primary uptrend as intact; temporary supply factors (derivatives expiry, Space X listing, rebalancing) are causing the current correction.
• He believes the leading sector will not rotate away from semiconductors and advises buying Samsung Electronics, SK Hynix, Samsung Electro‑Mechanics and semiconductor equipment on dips.
• Second‑tier themes to hold are Hyundai Motor Group, shipbuilding, ESS and nuclear power, which can surge when conditions align.
• KOSDAQ activation policy is expected to drive funds into top‑cap semiconductor‑equipment names such as Jusung Engineering, Leeno Industrial, Wonik IPS, Eo Technics, Fadu, HPSP, PSK and Simmtech.
• Cash holders should buy the KOSPI gradually in installments until the June 17 FOMC, not chase price swings.
• The Fed’s new chair is likely to avoid hawkish signals; the best case is a dovish message and a market rally to new highs.
• Sentiment, not valuation, creates market tops; he advises watching for sustained ETF selling by retail as a future warning sign.