◆ Ajou Economic News
▷ According to the Korea Exchange, an analysis of the returns of 36 major KRX indices from January 2 to June 19 this year shows that all of the top 11 indices included at least one of either Samsung Electronics or SK Hynix.
- The top-performing index is the KRX SK Hynix index, which recorded a return of 324.58%. All top 11 indices exceeded 100%, with returns more than doubling compared to the beginning of the year. The average return reached approximately 174%.
- This surge is attributed to the ongoing global semiconductor rally driven by increased investment in artificial intelligence (AI) and expectations for improved conditions in the memory semiconductor market.
- In contrast, indices that did not include Samsung Electronics or SK Hynix significantly lagged behind. The highest return among these indices was from the KRX Construction index at 73.77%, followed by the KRX 300 Industrials at 69.22% and KRX Insurance at 68.22%.
- Amid this situation, there has been a further concentration of funds in the semiconductor sector this month. Samsung Electronics' trading volume on the KOSPI increased from 4.95% last month to 6.24% this month, while SK Hynix rose from 0.89% to 1.04%.
◆ Major Reports
▷ Extreme Volatility and Concentration: What Are the Investment Criteria? [Hana Securities]
- In June, the KOSPI 200 Volatility Index (VKOSPI) reached 90 points, surpassing the previous peak during the global financial crisis (89 points). One factor contributing to this volatility is the increase in profit growth rates.
- The current extremely high profit growth rate, which is 237% compared to the same period last year for KOSPI's 12-month expected operating profit, can create expectations but may also lead to concerns about actual profits falling short of estimates and fears of reaching the peak of profit growth.
- Last week, SK Hynix's market capitalization rose to 95% compared to Samsung Electronics (excluding preferred shares), highlighting the intensification of concentration. It is important to note that this ratio peaked at 93% at the end of May, during which a short-term adjustment in the KOSPI occurred.
- Strategies to respond to extreme volatility and concentration include: ① strengthening profit momentum (upward adjustments of estimates), ② maintaining high profit growth projections, and ③ selecting companies based on expectations of rising operating profit margins.
◆ Major Announcements After Market Close (June 19)
▷ Vivian announces a 5 billion won third-party allocation of new shares.
▷ Bitmax announces a 2.5 billion won third-party allocation of new shares.
▷ Jetema announces a 7 billion won capital increase... third-party allocation to Mirae Asset Securities and others.
◆ Fund Trends (as of June 18, excluding ETFs)
▷ Domestic equity: -1.6118 trillion won
▷ Overseas equity: +76.8 billion won
◆ Key Schedule for Today (June 22)
▷ South Korea: Import and export trends
▷ Eurozone: Consumer confidence index (June)
▷ China: Loan prime rate (LPR) decision (June)
* This article has been translated by AI.
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