KOSPI Deleveraging Nears End as Hana Securities Sees August Shift to KOSDAQ, Individual Stocks

The Quick Take

• Hana Securities forecasts KOSPI deleveraging is nearing its peak, with market volatility set to ease gradually
• August is expected to favor KOSDAQ-listed stocks and individual equity picking over broad index exposure
• Celltrion Chairman is conducting an August global operations review, targeting H2 sales reinforcement across Europe, US, Japan, and Canada

Hana Securities analyst Lee Kyung-su forecast on August 5 that the Korean equity market's deleveraging cycle—characterized by leverage investors unwinding positions accumulated during the first half—is approaching its final stage, with broad index volatility expected to moderate. The analyst projected that August would favor an 'alpha market' dynamic in which KOSDAQ stocks and individual company-specific catalysts outperform the broader KOSPI index, as foreign institutional inflows have not yet materialized strongly enough to drive index-level gains.

The KOSPI deleveraging conclusion is market-structure significant: as the leverage-unwinding phase ends, domestic retail and institutional investors typically shift capital from defensive index products toward growth-oriented individual stocks and KOSDAQ technology companies. Celltrion Group Chairman Seo Jung-jin's August global operations review—spanning France, Europe, the US, Canada, and Japan—signals direct management attention to second-half revenue execution, including the integration of French healthcare firm Gifrer and Swiss distributor iQone acquired in recent periods.

Watch KOSPI's August net foreign buying data for confirmation that international capital flows are beginning to re-enter Korean equities post-deleveraging. Hana Securities' alpha-market thesis will be tested by whether KOSDAQ outperforms the KOSPI on a weekly basis through August. Celltrion's global tour results, typically disclosed through regulatory filings, will reveal whether the H2 revenue reinforcement plan is translating into concrete order pipeline growth in key European and North American biosimilar markets.

Synthesized from 8 sources.