KOSPI Surpasses 3,000 Mark... First Achievement in 3 Years and 5 Months

On the morning of June 20, the KOSPI marked a milestone by surpassing the 3,000-point level during intraday trading.

As of 10:45 a.m. on this day, the KOSPI stood at 3,000.46, up 22.72 points (0.76%) from the previous day. This is the first time in approximately 3 years and 5 months that the KOSPI has exceeded the 3,000 mark since January 3, 2022, when it reached 3,010.77. The index opened at 2,986.52, up 8.78 points (0.29%), fluctuated around the flat line, then turned upward and extended its gains.

In the KOSPI market, foreign investors and institutions are leading the index by net buying 5.7 billion won and 6.7 billion won, respectively. Earlier in the session, both foreign investors and institutions had shown net selling trends, but switched to net buying during trading hours. Foreign investors are also purchasing 122.7 billion won worth of KOSPI200 futures. In contrast, individual investors, who had shown net buying at the start of the session, have turned to net selling.

Roh Donggil, a researcher at Shinhan Investment & Securities, evaluated, "Three factors have contributed to the recovery in KOSPI valuation: macro-level optimism, solid earnings by Korean companies, and expectations for liquidity creation driven by the launch of the new administration and its policies."

The securities industry has been continuously raising its outlook for the KOSPI. The bullish sentiment has been further fueled by the Lee Jaemyung administration, which has declared the era of KOSPI 5000 and has consistently expressed its commitment to boosting stock prices, including pushing for amendments to the Commercial Act. Korea Investment & Securities reflected expectations for further increases in return on equity (ROE) due to strengthened shareholder returns and improved corporate earnings, raising its forecast for the KOSPI band in the second half of the year from the previous 2,400-2,900 to 2,600-3,150. A researcher at Daishin Securities also projected that the KOSPI, having passed its low point in April, is likely to continue its upward trend in the second half of this year, suggesting a target of 3,150.

On the 20th, when the KOSPI surpassed 3,000 intraday for the first time in 3 years and 5 months, dealers were working in the dealing room at the Hana Bank headquarters in Jung-gu, Seoul. Photo by Kang Jinhyung

Yu Bi, head of domestic equity management at Hanwha Asset Management, said, "In the short term, the KOSPI reaching 3,000 is mainly driven by export recovery resulting from tariff negotiations between the US and China and between Korea and the US. In the mid- to long term, reaching 5,000 will be mainly driven by the Lee Jaemyung administration's capital market policies, such as amendments to the Commercial Act." He added, "Once tariff negotiations are concluded, we expect a short-term rally led by large-cap export stocks such as semiconductors and automobiles." If long-term investment incentives for the domestic stock market, such as separate taxation of dividend income, become more concrete, the movement of domestic capital, which is currently concentrated in real estate, will also be a point of interest.

While the KOSPI has broken out of its trading range and set the milestone of 'Samcheonpi' (3,000 points), challenges remain, such as inclusion in the MSCI Developed Markets Index. According to the '2025 Annual Market Accessibility Review' released by MSCI early this morning, accessibility to short selling in the Korean stock market has improved, but it was assessed that restrictions on foreign investor access still require improvement.

Seo Sangyoung, a researcher at Mirae Asset Securities, pointed out, "Most of the outstanding issues have not yet been effectively resolved," and added, "It is expected to be difficult for Korea to be included in the watch list." Han Jiyoung, a researcher at Kiwoom Securities, also commented, "This appears to be a neutral result," and said, "Whether Korea will be included in the watch list remains to be seen."

MSCI will announce the results of its annual market reclassification on June 25. If Korea is classified as a watch list candidate at that time, the earliest possible announcement of inclusion would be in June 2026, with actual inclusion taking place at the end of May 2027.