Yuanta: Claims that semiconductors have peaked are overstated, 7the stock market's sharp early-month drop was due to expectations and ETFs
Yuanta Securities said that 7month 3to 9the KOSPI and KOSDAQ fell by 4.7% and 8.4%, respectively. Researcher Lee Jae-won said disappointment over Samsung Electronics' 2quarter preliminary results and renewed concerns that semiconductors had peaked increased volatility, but diagnosed the correction as the result of high expectations, leveraged ETF volatility, and overlapping debates over PER.
Yuanta Securities said that 7month 3to 9the KOSPI and KOSDAQ fell by 4.7% and 8.4%, respectively. This was an event in which market volatility increased over a short period.
Yuanta Securities researcher Lee Jae-won explained that disappointment over Samsung Electronics' 2quarter preliminary results and renewed concerns that semiconductors had peaked emerged simultaneously, expanding volatility.
The researcher judged that this correction resulted from overlapping factors: elevated expectations, volatility in leveraged ETFs, and the debate over a "value trap" surrounding low PER, rather than fundamental deterioration in earnings.
Specifically, it presented earnings and supply-demand conditions as the first basis and said it had directly refuted the argument that semiconductors had reached a peak.
It also mentioned that sharp price swings in leveraged ETFs intensified supply-demand pressures across the broader market, forming one part of this adjustment.
Researcher Lee Jae-won viewed the debate surrounding this adjustment as not indicating a sharp decline in earnings themselves. However, he said that investor reactions had amplified volatility.
In summary, Yuanta confirmed a short-term adjustment but said it had refuted the peak argument based on earnings and supply-demand indicators in the semiconductor sector.
It added that the future direction could be assessed only after the earnings of related companies and supply-demand trends were further confirmed.
Sources: 연합인포맥스
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