Cathie Wood said recent selling in Korean equities reflects
programmatic/systematic trading rather than deteriorating fundamentals and that
South Korean semiconductor stocks are now in a buy range. She linked the drop to
a June peak-and-fall in memory stocks coinciding with a record-high won vs the
dollar, saying the combination of price declines and the currency move amplified
mechanical programmatic selling. Wood added the pullback also reflects a
correction after rapid prior gains, noting that sharp rises in memory chip unit
prices have reduced retail demand for electronic devices—a factor she says is
already priced in. The Kospi opened down over 3% and had recovered to trade
marginally lower at time of reporting.
