◆ Aju Economic Highlights
▷ 'Delisting Blacklist' Unveiled, Causing Chaos in KOSDAQ Market
- On July 2, the KOSPI index closed at 7648.09, down 655.32 points (7.89%) from the previous trading day.
- The market turmoil was triggered by what is being referred to as the 'Meta Shock.' According to Bloomberg, Meta is reportedly considering entering the cloud infrastructure business by selling excess computing resources from its AI data centers.
- This news has led the market to interpret that AI computing supply may exceed demand, raising concerns about a potential slowdown in investments in AI infrastructure and memory semiconductor demand from hyperscalers.
- As a result, shares of memory semiconductor companies plummeted, with Micron down 10.57% and SanDisk down 10.62%. Samsung Electronics and SK Hynix also experienced significant declines.
- Analysts suggest that this sharp drop is largely a reaction to short-term overheating and does not fundamentally damage AI demand.
- Kang Jae-gu, a researcher at Hana Securities, stated, "Meta's entry into this new business signals that the return on investment is expected to be quicker than anticipated, rather than a weakening of demand. While short-term investor sentiment may be weak, this reaction seems excessive when considering the fundamentals for the second half of the year."
◆ Key Reports
▷ Uncertain Macro Environment Calls for Defensive Strategies [Hanwha Investment & Securities]
- The KOSPI is expected to continue experiencing volatility in July. Macro and supply-demand uncertainties may hinder stock price increases.
- For the market to rebound, signs of profit improvement must be confirmed. The preliminary second-quarter results from Samsung Electronics, scheduled for next week, are anticipated to be a turning point.
- The global economy is currently driven by the United States. While risks in the Middle East persist, the U.S. economy shows positive trends, leading to a strong dollar environment. Given the increased selling pressure on the stock market, expanding exposure to defensive sectors should be considered.
- As the second-quarter earnings season approaches, corporate profits are maintaining an upward trend. Over the past four weeks, sectors such as finance, which can withstand high interest rates, and essential consumer goods and utilities, which perform well in bear markets, have seen improved profit outlooks. Attention should also be paid to sectors that can defend against interest rate and exchange rate volatility in this turbulent market.
◆ Major Announcements After Market Close (July 2)
▷ Samsung Electro-Mechanics: "Acquired shares of Glassem worth 319.1 billion won, holding 66.2% stake."
▷ Q-Aid: "Acquired shares of Winia worth 84.9 billion won, holding 19.7% stake."
▷ Kwangjin Industrial: 5 billion won capital increase through third-party allocation to Forever NK.
▷ IEL: "Acquired additional shares of IEL Mobility for 10 billion won."
▷ Apten: "Acquired shares of GPC-R worth 10 billion won, holding 12.2% stake."
◆ Fund Trends (As of July 1, excluding ETFs)
▷ Domestic Equity Funds: +579.92 billion won
▷ Overseas Equity Funds: +13.53 billion won
◆ Key Schedule for Today (July 3)
▷ China: Services PMI for June
▷ Germany, Eurozone: Services PMI for June
▷ United States: Market Closed
* This article has been translated by AI.
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