KOSPI Surpasses 6,700... Domestic Securities Firms Now Project 8,500

KOSPI Hits Record High for Second Consecutive Day

Hana Securities: "KOSPI Could Reach 8,470 in the Second Half"

'8,000 Points Possible' with U.S. Rate Cuts and Semiconductor Revaluation

On the 28th, following the previous day's rise above the 6600 mark, the KOSPI continued its upward trend as an employee at the dealing room of Hana Bank headquarters in Jung-gu, Seoul monitored the stock market and exchange rates. On this day, the KOSPI opened at 6646.80, up 0.48% from the previous trading day. April 28, 2026 Photo by Jo Yongjun

As the KOSPI continues to reach new all-time highs day after day, for the first time among domestic securities firms, a forecast has emerged that the KOSPI could surpass 8,000 points this year. The projection states that if the US lowers its benchmark interest rate and domestic semiconductor companies continue to be re-evaluated, the KOSPI could approach 8,500 points in the second half of the year.

Hana Securities: "KOSPI Upper Limit at 8,470 in the Second Half"

On April 28, the KOSPI opened at 6,646.80, up 0.48% from the previous trading day, and further widened its gains, surpassing the 6,700-point mark for the first time ever around 10 a.m.

The KOSDAQ opened at 1,226.76, up 0.05%, but soon turned downward and was trading at 1,215.97, down 0.83% as of 10:07 a.m. The won-dollar exchange rate opened at 1,474.1 won, up 1.6 won from the previous session, and continued to fluctuate at similar levels.

Samsung Electronics was trading at 226,000 won, up 0.67% from the previous trading day, while SK hynix reached an all-time high of 1,320,000 won, up 2.17%. SK Square (up 3.30%), Hyundai Motor Company (up 4.20%), Kia (up 1.31%), and LG Energy Solution (up 1.51%) were also rising, helping to drive up the KOSPI. On the KOSDAQ, disappointing clinical trial results for ABL Bio led to a sharp drop, with shares plunging 23% to 132,800 won. The impact of ABL Bio's drop weighed down the broader KOSDAQ biotech sector.

Overnight, the New York stock market was mixed. On the 27th (local time), the Dow Jones Industrial Average fell by 0.13%, while the Standard & Poor’s (S&P) 500 Index and the Nasdaq Composite Index rose 0.12% and 0.20%, respectively. Seo Sangyoung, a researcher at Mirae Asset Securities, diagnosed, "The US stock market fluctuated around the flatline as the US-Iran issue persisted, with major tech earnings and the Federal Open Market Committee (FOMC) meeting scheduled for later in the week."

Amid the KOSPI’s continued strength, major domestic and international securities firms are increasingly forecasting that reaching the 7,000-point mark is only a matter of time and that the KOSPI could surpass 8,000 points in the second half of the year. Hana Securities released a report the previous day, forecasting that the KOSPI could hit a high of 8,470 points in the latter half of the year. On February 19, Hana Securities had set its KOSPI upper target at 7,870 points, but raised its forecast by more than 2,000 points in just over two months. Among domestic securities firms, this is the only forecast projecting the KOSPI could reach the 8,000-point level.

Key conditions for reaching the 8,000-point milestone include a US interest rate cut and a revaluation of the share prices of memory semiconductor companies such as Samsung Electronics and SK hynix. Jaeman Lee, a researcher at Hana Securities, explained, "If the US Federal Reserve cuts its benchmark interest rate one or two times within the year, and the KOSPI semiconductor price-to-earnings ratio (PER) approaches Micron’s average of 8.0 times, the KOSPI’s expected upper limit rises to 8,470 points."

He added, "While anticipated profits for the KOSPI semiconductor sector are at an all-time high, the 12-month forward PER is still only 5.2 times. If semiconductor valuations simply rise to Micron's level, there is ample room for further KOSPI gains."

8,000-Point Milestone Achievable through Combination of US Rate Cuts and Semiconductor Revaluation

Previously, global investment banks took an even more optimistic view of the KOSPI. JP Morgan set the upper target for the KOSPI at 8,500 points, while Goldman Sachs and Nomura Securities projected 8,000 points. In a report released on the 17th, JP Morgan said, "This year’s KOSPI earnings estimates have soared 37%, mainly driven by semiconductors, which will more than offset stagflation triggered by war," adding, "The KOSPI could reach 7,000 points in the base scenario and climb to 8,500 if the bull market continues."

Timothy Moe, Asia Pacific strategist at Goldman Sachs, analyzed, "The KOSPI’s forward PER is still undervalued at 7.5 times. Considering that the average PER at past KOSPI peaks was around 10 times, there is ample upside potential."

Among domestic securities firms, KB Securities and Daishin Securities set their KOSPI targets at 7,500 points, NH Investment & Securities at 7,300, and Korea Investment & Securities at 7,250. Kyungmin Lee, a researcher at Daishin Securities, emphasized, "Over the past month, this year’s KOSPI operating profit forecast has been raised by about 30%, but the forward PER remains just 7.3 times. If valuation normalization based on earnings continues, the KOSPI’s record-breaking rally could persist."

Jiyoung Han, a researcher at Kiwoom Securities, explained, "Since April, the KOSPI has surged by about 31%, breaking through 6,600 points and posting the second-highest monthly return on record since February 1998 (+51%). Notably, technical indicators such as daily divergence and the daily relative strength index (RSI) do not show excessive overheating compared to when the KOSPI surpassed 6,000 points in February."

This content was produced with the assistance of AI translation services.