![[코스피 ‘3000’ 시대] Breaking through the 3200 line for the first time in history… Rally expectations due to past patterns↑](http://img.lb.inews24.com/facebookexternalhit/face/626x352/image_gisa/202101/161155892387_1_180047.jpg "[코스피 ‘3000’ 시대] Breaking through the 3200 line for the first time in history… Rally expectations due to past patterns↑")
[아이뉴스24 이연춘 기자] With foreigners and institutional investors buying’Ssang-Kul’, KOSPI surpassed the 3200 mark for the first time in history based on the closing price.
Market experts assessed that investor sentiment improved and rose as the possibility of the Biden administration’s stimulus treatment proceeding positively increased. In particular, related companies led the rise as institutional investors net bought semiconductors and other food and beverage industries.
According to the Korea Exchange on the 26th, KOSPI finished trading at 3208.99, up 68.36 points (2.18%) from the previous trading day.
The first factor explaining the relative strength of the KOSPI in January of this year is the change in personal supply and demand. Individuals have maintained an 80-90% ratio of trading in the KOSDAQ market since 2000, and around 50% in KOSPI until 2019.
The pandemic changed its tone. Individuals who witnessed the KOSPI plunge to 1457pt on March 19 last year put KOSPI stocks in their balances in an environment of abundant liquidity, and net purchases of 43.7 trillion won from that point to the present, raising the proportion of individual trading in the exchange to the level of 70%.
Shim Won-yong, a researcher at Shinhan Financial Investment, said, “If we focus on the economic recovery phase cycle, the mid- to long-term uptrend of the KOSPI is expected to be in effect.” Assuming that the further uptrend will continue for about 19 months as at the time, he predicted that the KOSPI could be strong until the first half of 2022.
However, Shim was concerned that the sell-in-may period, which formed near summer, could be accelerated due to the normal seasonal distribution of returns.
“Generally, the weakness of the summer stock market is the result of lower expectations at the beginning of the year, but this time, the fact that the market has risen expectations for additional stimulus measures from the Biden government since November last year is a burden.” It will be similar to April, so it is necessary to keep in mind the short-term momentum slowdown.”
It should also be noted that the KOSPI advantage has emerged in the mid- to long-term in the economic recovery phase since the past shock. During the 2008 financial crisis, when the market was shocked, the KOSPI index caught up with the KOSDAQ’s rebound on July 24, 2009, nine months after the rebound from the bottom of October 24, 2008. Got on an additional ascent cycle.
Researcher Shim said, “The corona 19 pandemic that has continued since last year confirmed the lows in March last year, and 8 months later, the momentum of the KOSPI rebound began to outpace the KOSDAQ.” “The two turnarounds are the economic sensitivity of the KOSPI index composition. “This is due to the fact that the proportion of the sector was expanding (in 2008) or higher than the composition of the KOSDAQ index (in 2020).”
Reporter Yeonchun Lee [email protected]