(Seoul=News1) Son Eom-ji reporter, Kwon Dae-ok trainee reporter = As the government proposed semiconductors, physical artificial intelligence (AI), and AI data centers as the 'Three Major Mega Projects for Korea's Great Leap,' expectations are rising that the concentration on Samsung Electronics (005930) and SK Hynix (000660) in the domestic stock market could ease. This is because market attention could expand to related sectors such as semiconductor equipment and materials, AI infrastructure, and power equipment.
According to the Korea Exchange on the 30th, after the government's mega project announcement, the KOSPI closed down 0.20% on the 29th due to the weakness of Samsung Electronics and SK Hynix, but the number of rising stocks (826) far exceeded declining stocks (88). The KOSDAQ surged 8.13% with strong buying inflow that even triggered a buy-side car.
Kim Seok-hwan, a researcher at Mirae Asset Securities, analyzed, "Due to the government's mega projects and expectations for the National Growth Fund, foreign and institutional buyers flowed into the KOSDAQ market, which had been neglected compared to the KOSPI. Strong buying appeared mainly in top market cap stocks such as secondary batteries and pharmaceuticals/bio."
Securities firms assessed that the government's mega projects could improve investment sentiment in the short term and, in the medium to long term, serve as an opportunity to expand the supply-demand concentration on 'Samjeonnics' to related value chains.
Lee Jin-woo, head of the Research Center at Meritz Securities, said, "This announcement can be a 'plus alpha' for the stock market. As semiconductors are the entities executing investment, related companies such as equipment and materials, front and back end processes, and AI data centers are likely to receive direct benefits."
He added, "If market attention shifts to beneficiary companies, it could be a momentum to alleviate the concentration on Samsung Electronics and SK Hynix."
Yang Ji-hwan, head of the Research Center at Daishin Securities, also evaluated, "As it is a state-led large-scale investment, it is overall positive for the stock market. It could be a factor to boost the overall domestic economy, including not only semiconductors but also construction investment, domestic demand, and AI infrastructure investment."
The market sees the scope of mega project benefits expanding beyond semiconductors to construction and power infrastructure.
Hwang Su-ok, a researcher at Meritz Securities, said, "AI data centers and semiconductor factory construction are projects that will significantly increase domestic electricity demand in the future. Benefits are expected for renewable energy, energy storage systems (ESS), power infrastructure, and domestic construction sectors."
Kim Seung-jun, a researcher at Hana Securities, also said, "Construction stocks are expected to benefit from the semiconductor cluster and AI data center construction, and in the medium to long term, as jobs are created, surrounding real estate development benefits can also be expected."
However, experts diagnosed that it is difficult to expect the market's leading stocks to completely change or the index to rise significantly based solely on this policy. They explained that the actual investment scale, execution timing, and improvement in corporate earnings need to be confirmed for policy expectations to continue.
Hwang Seung-taek, head of the Research Center at Hana Securities, said, "Ultimately, it is earnings that drive the market. For a sector to be positive in the long term, earnings improvement must accompany increased demand."
Lee Jae-won, a researcher at Yuanta Securities, said, "This rise is due to technical bargain hunting following excessive declines. It is necessary to check the June export data to be released on July 1 and get past the employment report on the 2nd."
※ Copyright ⓒ News1 Korea, unauthorized reproduction and redistribution prohibited.
