JPMorgan raises South Korea’s KOSPI "bull case" target to 10,000 points

Golden Ten Data reported on May 11 that JPMorgan has raised its target price for South Korean equities for the second time in less than a month, citing an improving semiconductor cycle, corporate governance reforms, and growth in the industrial sector. The Wall Street investment bank increased its base target for the KOSPI index to 9,000 points and its bullish scenario target to 10,000 points, suggesting there is still a 33% upside from last Friday‘s closing price. By comparison, the bank’s base and bullish targets set in late April were 7,000 and 8,500 points, respectively. Propelled by profit growth fueled by the global artificial intelligence (AI) boom, strategists are racing to raise their outlook for South Korean equities. On Monday, the KOSPI index soared as much as 5.1%, hitting a record intraday high of 7,876.60 points and extending its year-to-date gains to approximately 86%, further consolidating its position as one of the world’s best-performing stock markets. Last week, Goldman Sachs also raised its KOSPI index target to 9,000 points.