Surges to 10,000 Points, Morgan Stanley Raises South Korea's KOSPI Index Target Again

BlockBeats News, May 11th, JPMorgan Chase & Co. has raised its target price for South Korean stocks for the second time in less than a month, citing improvements in the semiconductor cycle, corporate governance reforms, and industrial sector growth. The Wall Street investment bank has raised its base target for the Seoul Composite Index (KOSPI) to 9000 points and its bullish scenario target to 10000 points, indicating a 33% upside from last Friday's closing price.

In contrast, the bank had set base and bullish targets of 7000 points and 8500 points, respectively, in late April. Boosted by profit growth being driven by the global Artificial Intelligence (AI) frenzy, strategists are rushing to revise up their outlook for the South Korean stock market.

On Monday, the South Korean KOSPI index surged as much as 5.1%, hitting a historic high of 7876.60 points intraday, expanding its year-to-date gain to about 86%, further solidifying its position as one of the best-performing stock markets globally. Goldman Sachs raised its target for the KOSPI index to 9000 points last week. (FXStreet)