0917 Thursday / The BOJ is still ahead

Recorded after the market close on Thursday, September (month 9) 17, the video reviews the Korean market and key indicators following the FOMC, concluding that it is difficult to establish a direction while a major event, the BOJ, still lies ahead. The speaker interprets the FOMC as more hawkish than equity-market interpretations suggest, attaching importance to Chair Warsh's emphasis on price stability and a rate-hiking stance rather than giving the market a clear easing signal. The Korean market rose early in the session before retreating to finish around unchanged. The speaker explains that foreign investors were net sellers of approximately 2.2 trillion won that day and approximately 8.8 trillion won over the week, and that the market might have been weaker without share buybacks. Neither the KOSPI, KOSDAQ nor Nasdaq has a technically strong chart. The speaker sees a greater likelihood of the won–dollar exchange rate trading within a 1,340~1,400 won range after establishing a bottom near 1,330 won, and believes rising interest rates in the United States, Korea and Japan, together with dollar strength, are pressuring assets broadly. In conclusion, the speaker advises that, until foreign investors turn to buying and the BOJ outcome is confirmed, it would be better to enter incrementally on declines rather than substantially increase domestic positions, and, before Chuseok, to consider high-quality US stocks in which positions can be actively managed.