Hello, I am an expert writer for Daily Stock.
Today, we will examine the trends and background of the key stocks retail investors are actively net-buying at this current juncture where the KOSDAQ has broken through the 1140 mark.
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Key Summary
Amid a catching-up market phase following the KOSPI's breakthrough of the 5760 mark, the KOSDAQ index recorded 1142.67 (provisional intraday basis), raising expectations for positive capital inflows.
Retail investors are showing a trend of heavily purchasing relatively underperforming secondary battery materials (e.g., Enchem) and leading bio stocks with policy momentum (e.g., Ligachem Biosciences).
With the high exchange rate (1500.30 KRW) and continued volatility in the NASDAQ, the valuation burdens and supply-demand concentration typical of growth stocks still require caution.
Now is the time to prepare for future scenarios based on thoroughly verified information and indicators.
Current Situation Summary
As of 10:26 AM on March 19, 2026 (provisional intraday basis), the KOSDAQ index recorded 1142.67, testing strong support levels.
Retail deposits are shifting to the KOSDAQ market, which has seen limited gains compared to the KOSPI (5760.65), showing notable capital inflows betting on the index's rise.
In terms of market supply and demand, foreign and institutional program trading is increasing index volatility, while retail investors are engaging in selective, theme-driven cash purchases.
There is also an open possibility of a sector rotation market unfolding between large-cap stocks centered on the KOSDAQ 150 and small-to-mid-cap stocks in the KOSDAQ Small index.
Looking at Daily Stock's proprietary Fear & Greed Index, we can clearly gauge the temperature of investor sentiment in domestic and global stock markets.
The KOSPI Fear & Greed Index is currently at Fear (35.3), indicating slightly heightened caution compared to Fear (30.9) a week ago, Neutral (57) a month ago, and Neutral (41.5) three months ago.
Additionally, the NASDAQ Fear & Greed Index is currently recording Extreme Fear (18.2). Observing the trend from Fear (25.1) a week ago, Neutral (41.9) a month ago, and Fear (22.2) three months ago, this suggests that global tech stock investor sentiment has significantly contracted.
Financial Analysis
The secondary battery electrolyte-related companies and leading bio stocks ranking high in retail net purchases share the characteristic of having future growth potential pre-reflected in their financials, rather than their current net income.
For example, secondary battery material companies like Enchem experience short-term profit volatility due to rising raw material prices and fixed cost burdens, but their overseas production capacity (Capa) expansion beyond 2026 is supporting financial expectations.
The bio and AI software sectors also prioritize whether free cash flow (FCF) improves from milestone inflows of new drug pipelines or license-outs, rather than traditional profitability indicators.
Therefore, rather than focusing solely on superficial margin declines, one must carefully distinguish whether these are temporary cost increases resulting from facility investments or expanded research and development (R&D).
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| Category | Secondary Battery Materials (e.g., Enchem) | Bio/Healthcare (e.g., Ligachem Biosciences) | AI and IT Components |
|---|---|---|---|
| **Retail Buying Background** | Expectations of a rebound from short-term excessive drops and North American market share expansion | Betting on conference pipeline outcomes and interest rate cut benefits | Alignment with global tech stocks and expectations of first-mover advantages |
| **Key Financial Indicators** | Production capacity (Capa) growth rate and Free Cash Flow (FCF) | Scale of license-outs and R&D expenditure status | Gross Profit Margin (GPM) and order backlog |
| **Short-term Earnings Risks** | Raw material price volatility and downstream industry demand slowdown | Clinical delays and concerns over additional funding (paid-in capital increase) | Downstream industry investment delays and fixed cost burdens |
Valuation
Many of KOSDAQ's flagship growth stocks are often valued using EV/EBITDA and Price-to-Sales Ratio (PSR) until clear earnings become visible.
The secondary battery electrolyte value chain, which has recently attracted retail buying, is cited as having a multiple factor where the premium of global market share expansion supports the lower bound of the stock price.
However, with the NASDAQ (22152.42) currently entering an Extreme Fear (18.2) state, the environment is ripe for a downward adjustment in the valuation expectations of global growth stocks.
Domestic KOSDAQ AI and bio themes are also likely to face a cold evaluation of whether they have overshot their pipeline value due to synchronization with the NASDAQ.
Expert and Institutional Analysis
The dominant analysis is that institutional and foreign investors, unlike the strong 'buy' stance of retail investors, are engaging in short-term responses strictly focused on short covering or stocks with secured earnings visibility.
In particular, it is pointed out that stocks with a high proportion of short interest in the KOSDAQ market could experience stock price volatility beyond fundamentals driven by foreign program trading.
The securities industry diagnoses that if the government's momentum for KOSDAQ revitalization policies materializes, there is room for retail buying to spread across small-to-mid-cap stocks (KOSDAQ Small).
However, as it is a transition period into an earnings-driven market, they advise that distinguishing the wheat from the chaff is essential, and blindly approaching stocks simply because they have fallen sharply can be a risky strategy.
Risk Factors
The most critical macroeconomic risks to watch out for are the USD/KRW exchange rate entrenched at a high level of 1500.30 KRW and concerns over the prolonged global high-interest-rate trend.
Such exchange rate hikes spur the exit of foreign passive funds, potentially triggering a low-liquidity market condition where retail investors are left alone to defend market supply and demand.
Additionally, one must prepare for a scenario where the deteriorating sentiment in U.S. tech stocks—currently in a state of Extreme Fear—transfers into profit-taking sell-offs in the domestic KOSDAQ IT components and AI software sectors.
It must be kept in mind that an increase in margin balances riding on short-term themes can return as a boomerang of margin calls in a declining market, widening the volatility gap.
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Investment Perspective Summary
Following the settlement above the KOSDAQ 1100 level, retail investors' capital flows have clearly divided and poured into 'oversold growth stocks' and 'expected policy beneficiaries.'
Rather than relying solely on liquidity, it may be rational to narrow focus down to companies with definitive cash cows or those whose market share expansion is proven by numbers.
The more pronounced the supply-demand concentration in leading theme stocks, the more sensitively they inevitably react to macroeconomic variables such as exchange rates or the NASDAQ index.
Therefore, rather than unreasonable chase buying, managing risk through split-entry approaches and preparing calmly for conditional rebound scenarios is required.
Investor Checkpoint Q&A
Q1. What is the cause of the yield decoupling between the KOSPI and KOSDAQ?
While the KOSPI has surged recently over a short period, driven primarily by large-cap stocks, the KOSDAQ's upside has been relatively limited due to the exit of foreign capital and concerns over high interest rates.
Q2. How does the current Extreme Fear sentiment in the NASDAQ affect the KOSDAQ?
Due to synchronization with the NASDAQ index, the contraction in U.S. tech stock sentiment can provide an excuse for profit-taking in growth stocks such as AI, semiconductor components, and IT software in the domestic KOSDAQ market.
Q3. What are the common characteristics of the top stocks net bought by retail investors?
Generally, they are 'underperforming stocks' that have undergone significant price corrections from their peaks, and funds tend to flock to themes with clear future growth stories, such as secondary battery materials or biotechnology.
Q4. What indicators should KOSDAQ investors watch out for in an era of high exchange rates?
The trend of the USD/KRW exchange rate breaking past the 1500 KRW level is a core indicator of foreign supply-demand direction, so daily program trading trends and increases or decreases in margin balances must be monitored together.
Q5. What should be considered when evaluating the valuation of growth stocks (Bio/Secondary Batteries)?
Rather than immediate net income, metrics like EV/EBITDA, PSR, and Free Cash Flow (FCF) should be used to conduct comparative evaluations with global peer groups, and the feasibility of future production capacity (Capa) realization must be checked.