JPMorgan: Korea KOSPI target price raised to 10,000 points

Odaily Planet Daily News JPMorgan Chase has raised its target price for South Korean stocks for the second time in less than a month, citing improvements in the semiconductor cycle, corporate governance reforms, and growth in the industrial sector.

The Wall Street investment bank has raised its base target for the Korea Composite Stock Price Index (KOSPI) to 9,000 points and its bullish scenario target to 10,000 points, implying a 33% upside from last Friday's close. In comparison, the bank's base and bullish targets set in late April were 7,000 points and 8,500 points, respectively. Driven by earnings growth fueled by the global artificial intelligence (AI) boom, strategists are racing to raise their outlook on the South Korean stock market.

On Monday, the South Korean KOSPI index surged as much as 5.1%, hitting an all-time high of 7,876.60 points during the session, expanding its year-to-date gains to approximately 86%, further solidifying its position as one of the best-performing stock markets globally. Last week, Goldman Sachs also raised its target for the KOSPI index to 9,000 points. (Jin Shi)