📊 Market Wrap
- Strong rally in Korean market → Exports + Geopolitical easing + Liquidity improvement
- Exports (key driver) → Record $80B monthly exports → Semiconductor exports +151% ($32B) → Demand recovery + turnaround expectations
- Geopolitical easing → Trump & Iran signal potential end of conflict → Reduced uncertainty → improved sentiment
- Liquidity / flows → KRW stabilized around 1,500 → Institutions: ~KRW 4T net buying → Foreign investors: highest futures buying this year
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📈 Sector Performance
- Semiconductors (leader) → Samsung +13% / SK Hynix +10% → Led KOSPI recovery to 5,500 → Liquidity rally likely to continue
- Construction / Nuclear → Middle East reconstruction theme → Daewoo E&C +24.9%, Hyundai / GS E&C 상승 → Nuclear: Doosan Enerbility focus
- Aerospace → Artemis II 기대감 → SpaceX IPO momentum
- Telecom equipment → Nvidia optical tech momentum
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📌 Strategy
- Market transition → Index-driven → stock-driven
- Phase shift → Q1: large caps → Q2: earnings-driven differentiation
- Risk → Geopolitical risks remain → Volatility persists
- Action plan → Buy quality on dips → Focus: Semiconductors / Nuclear / Robotics → Maintain mid-long term view