Gina Kim, emerging-markets equity portfolio manager at Nordea Asset Management
in Singapore, said the core thesis remains intact and current selling in the
South Korean market appears irrational and panic-driven, concentrated in
AI-related tech names. Some selling is explainable — pre-summer risk reduction,
margin calls and recent reporting questioning the sustainability of AI capex.
Nordea has trimmed several large tech positions due to single-stock limits
rather than deteriorating fundamentals.
