◆Aju Economic Major News
▷Despite rebalancing, no major sell-off occurred; reduced Samsung Electronics, increased SK Hynix.
- The National Pension Service (NPS) has begun rebalancing its domestic stock portfolio, but the anticipated large-scale sell-off did not materialize. From July 1 to 3, the net selling amount by the pension fund was limited to 215.8 billion won.
- The fund sold a net 197 billion won of Samsung Electronics, reducing its holdings in some high-concentration stocks, while increasing investments in SK Hynix, Hanwha Aerospace, and Shinhan Financial Group to adjust its portfolio.
- Following a surge in the stock market during the first half of the year, concerns arose that the NPS might sell off up to 74 trillion won worth of stocks, as its domestic stock ratio exceeded its target. However, regulatory changes alleviated these concerns.
- The NPS raised its target allocation for domestic stocks to 20.8% and expanded the allowable ranges for Strategic Asset Allocation (SAA) and Tactical Asset Allocation (TAA), adjusting daily, monthly, and annual rebalancing limits to minimize market impact.
- Analysts predict that the actual sell-off will be around 15 trillion won, and both the NPS and the Ministry of Health and Welfare have stated they will work to minimize market effects during the rebalancing process.
◆Major Reports
▷Temporary easing of concentration; earnings season will confirm trends [SK Securities]
- Despite the KOSPI recording a weekly decline of 2.95%, the concentration on memory stocks eased, with the proportion of rising stocks recovering to 75.6%. A rotation in the market has led to significant internal expansion.
- In the U.S., a similar rotation is occurring, shifting from AI-focused stocks to value and defensive stocks. Sectors such as insurance, utilities, and REITs have newly joined the momentum group, while the tech sector, which previously led the market, is taking a breather.
- Corporate earnings remain robust in both Korea and the U.S. In Korea, semiconductors and IT appliances are driving profit momentum, while in the U.S., the capital goods sector is leading earnings growth, indicating a solid earnings foundation.
- In terms of domestic supply and demand, foreign investors continued to reduce their holdings, net selling 20 trillion won for the second consecutive week. Despite high volatility, the index's decline was limited, but foreign investors have been taking profits during market upswings.
- The key event for the upcoming week is the preliminary earnings announcement from Samsung Electronics. If the impact of rising memory prices exceeds expectations, a renewed focus on AI-related stocks may occur; conversely, if results fall short, the recent rotation trend may continue.
◆Major Announcements After Market Close (July 3)
▷Nano Team decides to invest 16.7 billion won in new factory construction.
▷Y BioLogics changes leadership to a dual CEO system with Park Young-woo and Park Beom-chan.
▷Benoti & R, decides on a 10 billion won third-party allocation capital increase.
▷JK Synapse lifts trading suspension on July 6.
▷Plutos Investment lifts trading suspension on July 8.
▷Adbiotech decides to acquire Onhill shares worth 10 billion won.
▷Incredible Buzz files for a suspension of delisting from the exchange.
◆Fund Trends (as of July 2, excluding ETFs)
▷Domestic equity funds: -21.8 billion won
▷Overseas equity funds: -22.1 billion won
◆Key Schedule for Today (July 6)
▷Germany: Factory Orders (May)
▷Eurozone: Sentix Investor Confidence Index (July), Producer Price Index (May)
▷U.S.: ISM Services Index (June), Employment Trends Index (June)
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.