According to JPMorgan Chase, on May 11, the bank raised its base target for South Korea’s KOSPI index to 9,000 points and bull-case target to 10,000 points, implying 33% upside from the previous Friday’s close. The move marks the second increase in less than a month, citing semiconductor cycle improvements, corporate governance reforms, and industrial sector growth.
On Monday, the KOSPI index surged 5.1%, touching an intraday record high of 7,876.60 points, bringing its year-to-date gain to approximately 86%. Goldman Sachs also raised its KOSPI target to 9,000 points last week.
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