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Steeper increase than in the past. Increase in the proportion of individuals
The KOSPI index, which hit a record on the 23rd (based on closing price), was found to have the second highest rate of increase among the top 20 countries (G20) this year.
According to the Korean Stock Exchange, this year, the KOSPI rose 16.2% based on the closing price on the 20th.
This is the second highest increase after Argentina (23.6%) compared to the G20 flagship index.
On this day, KOSPI finished trading at 2,602.59, 49.09 points (1.92%) more than the previous day, surpassing the previous record (2,598.19, January 29, 2018) in approximately 2 years and 10 months.
Market capitalization reached a record 1.787 trillion won.
Compared to January 29, 2018 (1.688 trillion won), it increased by 98 trillion won.
The exchange explained that there is an expansion of the stock market base behind this bull.
Individual investors showed a buying trend for 10 consecutive months, including a 41 trillion won net purchase this year.
The share of individual transactions, which was just 50% in January, has risen to 68% as of this month, and the number of participating accounts has increased significantly from 29.6 million to 34.4 million.
Additionally, foreign investors who consistently showed a net selling trend this month gained a 6.4 trillion won buying advantage, contributing to the index rise.
The undervaluation of the KOSPI is also considered one of the strong factors.
According to Bloomberg, as of the 20th, the KOSPI’s 12-month leading price-to-earnings (PER) ratio based on the Morgan Stanley Capital International (MSCI) index is 17.1 times in the US (25.7 times ), the EU (22.6 times in the EU) and Japan (22.7 times), China (17.9 times) and other countries.
The price-to-asset ratio (PBR) was also 1.1x, which is lower than that of the US (3.9x), EU (1.8x), Japan (1.3x), China (2.0x), and undervalued valuation (valuation value) was highlighted. .
Compared to the past uptrend, the rate of increase of the KOSPI is remarkable.
In roughly five months since June 1, the KOSPI rose 26.1%, breaking the all-time high.
In the case of 2011 (January 3 to May 2), which reached the previous maximum, 8.6%, and in 2017 (January 2 to May 4), it rose only 10.6%.
During the same period, the average daily transaction value reached 13.6 trillion won, a significant increase from 2011 (7.5 trillion won) and 2017 (4.6 trillion won).
Among them, the proportion of personal transactions was 69.4%, higher than in 2011 (56.2%) and 2017 (46.2%).
The exchange assessed: “The fact that the record with a higher rate of return compared to the global level means that the KOSPI is trying to take a new leap from its relative undervaluation due to the timely stimulus measures and active participation. of the individual market “.
He added that “amid the world economy entering a recovery phase, the positive assessment of basic (fundamental) conditions seems to be reflected in the solid performance of national companies.”
/ yunhap news
