[Market ING] KOSPI Continues Upward Trend Since Start of Year, Attempts to Solidify Above 4,600 Mark

Weekly KOSPI Expected Range: 4,250?4,700

The KOSPI has continued its upward trend since the beginning of the year. Although the pace of gains has somewhat slowed, the overall upward momentum remains intact. This week, the market is expected to focus on the release of U.S. inflation data and attempt to solidify its position above the 4,600 mark.

Yonhap News Agency

Last week, the KOSPI rose by 6.42%, while the KOSDAQ gained 0.25%. Kim Jongmin, a researcher at Samsung Securities, commented, "The KOSPI has shown a remarkable upward trend right from the start of 2026. The index, which began at 4,214 points, has climbed every trading day since the start of the year, rapidly reaching 4,586 points." He added, "The momentum from the world's largest electronics and IT exhibition, CES 2026, and Samsung Electronics' earnings surprise have propelled semiconductor leaders to drive the index to a higher level. Additionally, last year's leading sectors, shipbuilding and defense, joined the rally, further fueling market enthusiasm."

Lee Kyungmin, a researcher at Daishin Securities, stated, "With the growth potential and marketability of the artificial intelligence (AI) industry becoming more visible through CES, expectations for a semiconductor supercycle have risen." He continued, "The KOSPI's forward earnings per share (EPS) is showing a clear upward trend, especially in the semiconductor sector, and the current rally is being driven by fundamental performance rather than liquidity."

However, the possibility of a short-term correction due to the sharp rise at the beginning of the year cannot be ruled out. Lee explained, "After the rapid surge at the start of the year, a short-term correction may occur as the market digests supply, and there is increased pressure for profit-taking ahead of key economic indicators." He added, "Rather than chasing the current price levels, it would be more appropriate to monitor macroeconomic events and use volatility as an opportunity to adjust portfolio weights."

Na Jeonghwan, a researcher at NH Investment & Securities, said, "Although the KOSPI surged to the 4,600 level during intraday trading in a short period after the start of the year, the stock market environment remains mixed." He continued, "It is important to be aware of the possibility of short-term profit-taking if event risks such as the U.S. Supreme Court decision materialize." He added, "Excluding such risks, most of this week's major factors are generally favorable for the stock market. With the JP Morgan Healthcare Conference starting on the 12th, interest in the biotech sector may increase. In addition, the U.S. Consumer Price Index (CPI) for December, scheduled for release on the 13th, is expected to remain at 2.7%, the same as the previous month, so concerns about a reacceleration of inflation should be limited." NH Investment & Securities forecasted the KOSPI's expected range for this week to be between 4,250 and 4,700.

This week's key events include the release of South Korea's export data for January 1-10 on the 12th, the U.S. December CPI on the 13th, the U.S. November Producer Price Index (PPI) and November retail sales, as well as China's December export data on the 14th. On the 15th, the Bank of Korea's Monetary Policy Board meeting will be held, and on the 16th, the U.S. December industrial production data will be released. The JP Morgan Healthcare Conference will take place from the 12th to the 15th.