JPMorgan Raises KOSPI Index Target to 10,000 Points

On May 11, JPMorgan Chase 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 raised its base target for the KOSPI index to 9,000 points, with an optimistic scenario target set at 10,000 points, indicating a 33% upside from last Friday’s closing price. In comparison, the base and bullish targets set by the bank in late April were 7,000 points and 8,500 points, respectively. Fueled by profit growth driven by the global artificial intelligence (AI) boom, strategists are racing to upgrade their outlook for the South Korean stock market. On Monday, the KOSPI index surged by as much as 5.1%, reaching an intraday record high of 7,876.60 points, expanding its year-to-date gain to approximately 86%, further solidifying its position as one of the best-performing stock markets globally. Goldman Sachs also raised its KOSPI index target to 9,000 points last week.