JPMorgan: La caída masiva de las acciones coreanas es solo una pausa a corto plazo, mantiene un objetivo de 9,000 puntos

Golden Finance report, June 24th, Morgan Stanley judges that the sharp decline of the Korea Composite Index (KOSPI) on Tuesday is only a phase of correction and will not develop into a sustained deep decline. FactSet data shows that the KOSPI fell about 10% that day, marking the largest single-day drop since March, and ranking as the sixth-largest single-day decline in the index's history. Korean stocks significantly underperformed other major Asian markets on Tuesday, mainly due to the high weighting of the memory chip sector in its index, with the global semiconductor sector experiencing a collective sell-off that directly drove the heavy decline of the weighted stocks.
Morgan Stanley analyst Joon Seok stated in a Tuesday client report that the fundamentals of the memory chip sector have not substantively deteriorated, and the losses from this decline are only a short-term phenomenon. “We characterize this adjustment as a pause during an upward trend, rather than a trend reversal.” The recent correction in Korean stocks stems from the previous large gains, with strong profit-taking demand among investors. FactSet statistics show that the KOSPI's cumulative increase in the second quarter exceeded 62%, and the year-to-date increase approaches 95%, indicating that after a long-term bullish run, market momentum has been overextended.
Joon Seok believes that Korean stocks are not yet in a bear market condition; this decline is merely short-term trading hesitation as investors await clearer signals from Federal Reserve policies and the AI industry’s prosperity. He predicts that in the second half of 2026, the overall volatility of the KOSPI will be significantly higher than in the first half, but maintaining a target price of 9,000 points, which still has nearly 10% upside from Tuesday’s closing level. On Wednesday’s opening, the KOSPI rose 1.9%, Samsung Electronics increased 4%, and SK Hynix rose 3%.
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