NH Securities forecasts the KOSPI to trade between 6700 and 7600 for the week of July 27–31, following a close of 6690.62 on the 24th (down 406.27 points, 5.72%). The brokerage cited Alphabet's Q2 results — which raised CAPEX guidance from $180–190 billion to $195–205 billion and cloud RPO from $460 billion to $514 billion — as easing AI capital expenditure concerns. Market focus shifts to upcoming earnings from US hyperscalers Meta and Microsoft (scheduled for the 30th, Korean time) and Amazon (the 31st), alongside Korean semiconductor earnings confirmations from SK Hynix (the 29th) and Samsung Electronics (the 30th), and the FOMC meeting (the 30th).
NH Securities Forecasts KOSPI Range of 6700–7600
NH Securities issued a forecast on the 26th projecting the KOSPI to move within the 6700–7600 range for the week. Lee Sang-joon, a researcher at the brokerage, stated that Alphabet's Q2 results alleviated recent market concerns regarding AI CAPEX. The company's CAPEX outlook was raised from $180–190 billion to $195–205 billion, with further "significant" expansion indicated for next year. Cloud remaining performance obligation (RPO) increased from $460 billion to $514 billion, and Alphabet announced plans to utilize third-party computing infrastructure. Lee added that other hyperscaler earnings are expected to highlight AI shortage themes in a similar manner.
NH Securities identified upward factors as the resolution of AI CAPEX concerns and upward earnings forecast revisions, while downward factors include potential escalation of military conflict between the US and Iran.
Meta, Microsoft, and Amazon Earnings Scheduled for July 30–31
Meta and Microsoft are scheduled to announce earnings on the 30th (Korean time), with Amazon following on the 31st. Lee Kyung-min, a researcher at Daesin Securities, stated that investors need to confirm AI CAPEX investment expansion and actual revenue and profitability improvements from big tech earnings announcements. Lee added that even if some companies' results fall short of expectations, there is no need for disappointment, as Alphabet's earnings — which demonstrated solid AI demand — are likely to serve as a guide for subsequent companies.
SK Hynix and Samsung Electronics Announce Earnings Confirmations July 29–30
SK Hynix is scheduled to release confirmed earnings on the 29th, with Samsung Electronics following on the 30th. Lee Kyung-min of Daesin Securities noted that investors should verify long-term supply contracts, memory demand, and profitability from the confirmed earnings announcements of Samsung Electronics and SK Hynix.
FOMC Meeting on July 30 Expected to Hold Rates
The Federal Open Market Committee (FOMC) meeting is scheduled for the 30th. The market currently forecasts a rate hold, influenced by June non-farm payrolls falling significantly below market expectations and the prior month, and both headline and core June CPI declining. Lee Sang-joon of NH Securities stated that Fed Chair Kevin Wharsh is unlikely to provide clues regarding future policy direction, noting that Wharsh maintained silence on rate decisions during recent congressional testimony, resulting in minimal market impact. Lee Kyung-min of Daesin Securities explained that if there are no additional tightening signals — given the task force limiting Wharsh's press conference remarks — bond yields and exchange rates are expected to stabilize, supporting a continued KOSPI rebound attempt driven by foreign net buying inflows.
FAQ
What is NH Securities' KOSPI forecast for the week of July 27–31?
NH Securities forecasts the KOSPI to trade between 6700 and 7600 for the week of July 27–31, following a close of 6690.62 on the 24th (down 406.27 points, 5.72%).
When are Meta, Microsoft, and Amazon scheduled to announce earnings?
Meta and Microsoft are scheduled to announce earnings on the 30th (Korean time), with Amazon following on the 31st.
What did Alphabet's Q2 results reveal about AI CAPEX?
Alphabet raised its CAPEX outlook from $180–190 billion to $195–205 billion and indicated further "significant" expansion for next year. Cloud RPO increased from $460 billion to $514 billion.
