Large-Scale Foreign Selling, Samsung Electronics HBM Share is Key

Jusung Engineering surpassed EcoPro BM to rank third in market capitalization.

Major equipment, materials, and parts stocks like Wonik IPS and EO Technics also recorded gains of over 4%, drawing market attention. This is interpreted as a spreading investor sentiment that the KOSDAQ market is more suitable for trading.

Comparing with other industrial groups like GS, it is argued that airlines could be included in the AIDC (AI Data Center) value chain.

Foreign investors recorded a large-scale sale of approximately 2 trillion won in the domestic stock market today. This selling pressure was concentrated on major semiconductor stocks such as Samsung Electronics and SK Hynix.

While some speculate it to be rebalancing volume, the clear reason for the large-scale selling remains unconfirmed in the absence of obvious negative news.

Furthermore, major Asian stock markets, including Taiwan and Japan, showed a concurrent upward trend.

However, only the domestic market experienced a decline due to foreign selling, and experts raised questions about this situation, expressing frustration.

Foreign investors recorded large-scale net selling, primarily in semiconductor stocks, including 1 trillion won in Samsung Electronics and 600 billion won in SK Hynix. This contrasts with the market's high expectations for Micron's earnings.

The market maintains expectations for Micron's earnings announcement, but stock prices showed a divergence. This has led to debates over whether expectations were already priced in or if it's a supply-demand distortion.

Foreign investors have sustained large-scale selling, totaling approximately 8-9 trillion won over the past three days. Despite such massive capital outflow, even experts are unable to pinpoint a clear reason for the selling.

The scale and flow of selling are not typical for simple rebalancing, leaving the market in an inexplicable situation.

Interpreting the market's 'wobble' as a signal for correction, the plan is to actively buy when such opportunities arise.

The Bond Move Index has surged from the 5.2% interest rate range to 108-110, raising market caution. The increased interest rate volatility was cited as a key reason for market adjustment. The Bond Move Index's surge from the 5.2% interest rate range to 108-110 reflects the market's caution regarding interest rates.

Expert Yoo Chang-hee assessed that as interest rates reach 5.2-5.3%, the market is preparing for potential 'spasms' due to interest rate fluctuations.

With Treasury bond holders currently experiencing approximately 4% losses, there is a possibility of a correction in the bond market if they engage in stop-loss selling.

The push for Anthropic's NASDAQ listing is rumored to potentially act as selling pressure in emerging markets. This has raised concerns that semiconductor stocks could be used like 'ATM machines' for fundraising.

However, expert Yoo Chang-hee countered that since Samsung Electronics and SK Hynix are not currently in their all-time high territory, the argument for large-scale selling for fundraising, unlike the past SpaceX case, lacks sufficient logic.

Anthropic is aiming to start investor recruitment in mid-October and complete its listing before the U.S. midterm elections in November.

Foreign investors continued selling even during a market upturn, showing unstable supply and demand. The reason for continued foreign selling remains unclear, despite the resolution of external variables such as the US-China summit.

Expert Yoo Chang-hee advised that in such uncertain market conditions, it is necessary to step back and observe rather than rushing to buy.

It is more rational to enter the market at a slightly higher price after the market situation has been sufficiently verified.

Expert Yoo Chang-hee believes that a strategy of waiting for market correction is valid until early next week. After that, he is considering the possibility of shifting to aggressive buying from next Wednesday or Thursday.

He set the initial buying range at KOSPI 2,670 or lower and suggested a strategy of staggered buying within this range.

This is interpreted as an anticipation of the market correction ending and a rebound beginning.

Expert Yoo Chang-hee predicted that the market would enter an earnings-driven phase from mid-next week. Market attention is expected to focus on the last week of October, with a concentration of Big Tech companies' earnings announcements.

Market fluctuations due to interest rate issues are expected to resolve within three weeks, and he recommends holding stocks, even at a higher price, once market uncertainty subsides.

Expert Yoo Chang-hee still considers HPSP to be in a valid buying range and expects EO Technics and PSK Holdings to also maintain strong upward trends.

He maintained a positive outlook on stocks hitting new highs, such as TCK and TSE.

These equipment and materials companies are expected to show continuous growth in line with the expansion of the semiconductor industry.

Expert Yoo Chang-hee mentioned that Samsung Electronics has an advantage over SK Hynix as an alternative for new purchases. He judged that Samsung Electronics has a larger drop from its high and is more favorable in terms of supply and demand.

The HBM market share figures discussed in Micron's earnings announcement are expected to be a key variable determining Samsung Electronics' attractiveness in the future.

The scale of purchases is comparable to SK Group Chairman Chey Tae-won's 4.9 billion won, and the recent actions of the management are evaluated as part of preparing for a significant decision.