[사설] The beginning of the 3000 Era of the KOSPI Index… Because there can’t be tens of thousands of welcomes

At the same time as the KOSPI index opened on the morning of the 6th, it has written a new history of touching the 3000 line in 13 years and 5 months after breaking the 2000 line in July 2007. Along with this, the market cap also exceeded 2,000 trillion won for the first time in history. The leading role that opened the 3,000 era was by far the’Donghak Ant’, and individual investors who jumped into the stock market after the crash due to the novel coronavirus (Corona 19) swept over 63 trillion stocks, the largest ever in the stock market last year.

Market experts predict that there will be a short-term adjustment phase based on excess liquidity released on the market, but this trend will continue in the mid- to long-term. In fact, the investment deposit, which is a waiting fund for stock purchase, exceeded 68 trillion won as of the 4th, and the average daily trading value exceeded 33 trillion won as of December last year, recording a record high every day, and last year’s January 11 trillion. The fact that it is three times the amount of the circle proves this.

However, there are a number of concerns that are difficult to welcome with the KOSPI 3000 breakthrough. It is the individual investors called’Donghak ants’ who have led the bull market since last year. The fact that individual investors, whose presence was insignificant due to institutional and foreign investors, played an active role in leading the market, is welcome in terms of the expansion of the base of the stock market, but the recent investment enthusiasm by individuals is enough to worry about’overheating’. to be.

In the stock market last year, individual net purchases exceeded 47 trillion won, of which a significant amount was in debt. Last year, only the balance of short-term credit loans borrowed from securities companies for’debt investment’ (investment by debt) was approaching 20 trillion won. In addition, it is also worrying that the factor of the recent stock market strength is close to the’don’t ask investment’ rather than the economic’fundamental’ or corporate performance. A day ago, the government and financial authorities also warned of’financial risks’ caused by excess liquidity. We look forward to making sound and smart investments that do our utmost to prepare for risks.

[저작권자ⓒ 아시아타임즈. 무단전재-재배포 금지]