Korea Investment & Securities Raises KOSPI Second-Half Target to 11,000

Korea Investment & Securities has raised its upper target for the KOSPI to 11,000 for the second half of the year.

On June 4, Kim Daejun, a researcher at Korea Investment & Securities, stated in a report, "We are revising the upper bound of our KOSPI forecast for the second half from the previous 9,250 to 11,000," adding, "This upper bound combines a price-to-earnings ratio (PER) of 9.5 times with an earnings per share (EPS) that is 10% higher than the current level."

On June 2, the status board in the dealing room of Hana Bank in Jung-gu, Seoul, displayed the KOSPI and other indices. On that day, the KOSPI closed at 8,801.49, up 13.11 points (0.15%) from the previous trading day, while the KOSDAQ closed at 1,026.03, down 24.00 points (2.29%). June 2, 2026, Yonhap News Agency

Kim explained, "The reason for this adjustment lies in corporate earnings," and continued, "Semiconductors, which have entered a supercycle, are generating enormous profits and supporting the index's rise. The 12-month operating profits of Samsung Electronics and SK hynix are expected to rise by about 10% from previous estimates." Accordingly, he explained that an additional 10% upward revision to EPS can be justified.

He also noted, "For the lower bound of the index, we are considering a scenario where the PER multiple remains at its current level, but earnings momentum deteriorates by 10%." Taking into account index volatility and key technical levels, he presented 8,000 as a possible lower bound. However, he added, "The current surge in semiconductor-driven profits is clear, so the extent of any index adjustment may not be significant."

At the same time, the outlook for the KOSPI trajectory remains for an upward trend in the second and third quarters, followed by a sideways movement in the fourth quarter. Kim stated, "Semiconductors, which can withstand high inflation and high interest rates, are expected to lead the market." However, he also pointed out, "As we move into the fourth quarter, investment sentiment may weaken due to uncertainties surrounding the U.S. election and concerns about supply and demand." He advised, "Until the market environment changes, proactive investing is required as even the current leading sectors may lose upward momentum during this period."

This content was produced with the assistance of AI translation services.