Semiconductor leadership shifts to materials, parts, and equipment

With many employees at securities firms and asset managers expected to take leave, buying interest is expected to thin out, and the market's vitality could decline.

Even though interest rates were raised to 5%, the market rose to the upper end of its range, contrary to expectations.

Macro indicators such as falling oil prices and the 10-year yield are considered an unpredictable area.

Rather than fitting the news to the market's moves after the fact, one cannot erase reasonable suspicion of deliberate moves by large pools of capital.

There are structural factors that make it difficult for oil prices to fall immediately into the $50 range as in the past.

To receive the special dividend, investors must hold Samsung Electronics until September 28 next week.

The market's concerns over a possible share price decline after the ex-dividend date have begun, and Samsung Electronics has recently risen about 10%.

Technically, as it reached a high in the 280,000 won range, investors are increasingly torn between dividend yield and realizing trading gains.

Trading gains are tax-free, but dividend income is taxed, and with the holiday approaching, investors' desire to sell grows, affecting large-cap volatility and the index decline.

Compared with the scale of individual selling, foreign buying is not large, but the price gap between stocks is widening.

This thin supply-demand leads to greater price volatility depending on the order book.

Regardless of the KOSPI index level, the materials, parts, and equipment sector is establishing itself as the core leader in the semiconductor market.

Unlike the second quarter of this year, the materials, parts, and equipment sector is showing strength alongside Samsung Electronics and SK Hynix, separate from their gains.

Funds are moving to stocks benefiting from data center expansion, and a structure has formed in which institutional ETF buying flows into materials, parts, and equipment stocks.

Stocks showing strength in specific technology fields, such as GPU server testing companies, are hitting new highs.

The concentration of institutional ETF buying in certain stocks is clear.

This is analyzed as being because an increase in Q (sales volume) drove market growth.

It serves as a basis for materials, parts, and equipment companies' confidence in expansion and growth.

Leadership in the semiconductor market rests with the materials, parts, and equipment sector for the time being, and in terms of returns, materials, parts, and equipment stocks are expected to have the edge.

Samsung Electronics and SK Hynix may see slower growth next year than this year, and semiconductor equipment stocks have always commanded a premium as an essential element for expansion.

Currently, PSK Holdings and Intekplus are playing the role of leaders in materials, parts, and equipment. In particular, PSK Holdings is also affected by an investment warning.

As more testing is done, demand for sockets tends to increase, so attention should be paid to socket companies such as ISC.

A valid strategy is to consider taking profits on stocks that surge and to focus on stocks that rise while raising their lows.

The foreign ownership stake in Samsung Electronics is 46.4%, near its all-time low, down from 51% a year earlier.

There is caution about the share price surging before foreigners have finished accumulating stakes, and a meaningful rise is likely to require a process of gathering volume over a long period.

Contrary to expectations that bio would rebound once interest rates peak and decline, major stocks such as ABL Bio and Alteogen are showing little movement.

Compared with the semiconductor sector, where earnings and the AI paradigm are clear, the perception dominates that the bio sector still carries high volatility risk.

This situation shows that investors are losing confidence in the bio sector.

However, the analysis is that such concerns are only short-term noise and have little impact on long-term fundamentals. The secondary battery sector is linked to data center demand, so a super-long perspective should be maintained.

In the materials, parts, and equipment sector, investors should select stocks that move sideways when share prices take a breather and invest in them.

For sectors where funds are not concentrated, such as cosmetics, it is desirable to approach them based on individual issues.

Although HYBE's market capitalization is low relative to earnings, analysis suggests its share price gains are limited because the market lacks freshness.

Since there have been six consecutive days of sell-offs, it is recommended to reduce the position by 20-30% on a rebound.

A strategy of using recovered funds to trade leading stocks such as materials, parts, and equipment to secure psychological stability and profit opportunities is effective.

While responding to the rapid changes in market leadership in Korea, global trends should be monitored. Starting next week, the broadcast time will change to 5:20 p.m.