After Hitting 8,000, Will KOSPI Reach the ‘Ten-Thousand’ Mark? Securities Firms Race to Raise Forecasts

JP Morgan Projects KOSPI at 10,000, Hyundai Motor Securities at 9,750

"Memory Semiconductors to Reap the Biggest Benefits in the AI Era"

KOSPI Surges Past 7,800 for Intra-Day Record High... Buy-Side Sidecar Triggered

On the 11th, when the KOSPI index surpassed 7,800 intraday for the first time ever, an employee was monitoring the stock market and exchange rates in the dealing room at the Hana Bank headquarters in Jung-gu, Seoul. On that day, the KOSPI opened at 7,775.31, up 277.31 points (3.70%) from the previous trading day, and the KOSDAQ started at 1,212.88, up 5.16 points (0.43%). May 8, 2026. Photo by Yojongjun

Driven by the super boom in memory semiconductors, the KOSPI has once again reached a record high. Both domestic and foreign securities firms are predicting that the KOSPI will be the greatest beneficiary of the advancement of the artificial intelligence (AI) industry worldwide, and they believe that achieving the “dream target” of 10,000 points is fully within reach.

"Memory Semiconductors Are Major Beneficiaries in the AI Era, Further KOSPI Gains Are Fully Possible"

On May 11, the KOSPI opened at 7,775.31, up 3.70% from the previous trading day, and extended its gains to trade at 7,874.87, up 5.03% as of 9:50 a.m. With a surge of over 5%, a temporary suspension of program buying orders (sidecar) was triggered at around 9:29 a.m. This was the second time the sidecar was triggered in just three trading days since May 6.

The KOSDAQ started the session at 1,212.88, up 0.43%, but reversed to trade at 1,193.16, down 1.20%. The won-dollar exchange rate opened at 1,466.0 won, down 5.7 won from the previous session, and was trading around 1,468 won.

The strong rally in technology stocks on the New York Stock Exchange last Friday also influenced the Korean stock market. On May 8 (local time), the S&P 500 and Nasdaq Composite Index hit all-time highs, rising 0.84% and 1.71%, respectively, from the previous session. This was driven by sharp gains in semiconductor stocks such as Sandisk (16.60%), Micron (15.49%), Intel (13.96%), and AMD (11.44%).

In the KOSPI, SK hynix and Samsung Electronics both set new record highs, leading the gains. As of 9:54 a.m., SK hynix was trading at 1,874,000 won, up 11.15% from the previous trading day, and briefly surpassed the 1.9 million won mark during the session. Samsung Electronics was also at an all-time high, trading at 2,837,500 won, up 5.77%. Among the top market cap stocks, SK Square (4.83%), Hyundai Motor (2.45%), Samsung C&T (4.73%), HD Hyundai Heavy Industries (3.65%), and Hanwha Aerospace (3.37%) were also rising.

Han Ji-young, a researcher at Kiwoom Securities, commented, “What matters more is the sustainability of the stock market rally driven by semiconductors last week,” and analyzed, “There will likely be further attempts to scale up the KOSPI, led by semiconductor stocks, from the beginning of the week.”

On the 11th, when the KOSPI index surpassed the 7,800 mark intraday for the first time in history, an employee at the dealing room of the Hana Bank headquarters in Jung-gu, Seoul, was monitoring the stock market and exchange rates. On that day, the KOSPI opened at 7,775.31, up 277.31 points (3.70%) from the previous trading day, and the KOSDAQ opened at 1,212.88, up 5.16 points (0.43%). Photo by Cho Yongjun, May 8, 2026

JP Morgan Predicts KOSPI at 10,000, Hyundai Motor Securities Forecasts 9,750

With the surge in semiconductor stocks fueled by the artificial intelligence (AI) revolution, securities firms are raising their KOSPI target ranges one after another. In its Korean equity strategy report released on this day, global investment bank JP Morgan predicted that KOSPI could reach 10,000 points as Korea’s AI momentum continues. Thanks to the super boom in memory semiconductors, JP Morgan raised its upper KOSPI target from 8,500 to 10,000 points.

JP Morgan explained that AI demand continues to outpace memory semiconductor supply, inventories remain tight, and high-bandwidth memory (HBM) supply is tied up in multi-quarter contracts, so the upward momentum for semiconductor prices is expected to persist. The supply-demand imbalance in memory semiconductors is likely to widen further next year, and customers are already placing orders for 2027 in advance due to concerns about shortages.

Even excluding Samsung Electronics and SK hynix, JP Morgan evaluated that the KOSPI’s returns are strong enough to outperform regional benchmarks. The firm also cited banks, securities, defense, electrical equipment, robotics, nuclear power, space, and shipbuilding as preferred sectors beyond semiconductors. It also favored holding companies and insurance as beneficiaries of governance reform centered around actions like treasury stock cancellations.

However, for Samsung Electronics, JP Morgan estimated that the negative impact on annual operating profit from labor union strike issues could reach 7-12%. The firm added that investors in Samsung Electronics would wait for the union issue to be resolved.

Goldman Sachs also raised its KOSPI target to 9,000. Goldman Sachs named the Korean stock market as its “top market” in Asia, stating, “Even after having one of the world’s hottest rallies, the Korean stock market remains attractive,” and assessed that “further upside is fully possible.”

Among domestic securities firms, Hyundai Motor Securities raised its KOSPI forecast to 9,750 on this day. The firm explained, “While earnings forecasts for KOSPI semiconductor stocks have been sharply raised, share prices have not kept up, so the valuation remains highly attractive,” and significantly increased its target from 7,500. Kim Jae-seung, a researcher at Hyundai Motor Securities, projected, “If personal investor funds flow in and there is growing confidence in the long-term earnings of semiconductors, the KOSPI could reach as high as 12,000.”

NH Investment & Securities also projected the KOSPI to reach 9,000 points. Kim Byung-yeon, Head of Investment Strategy at NH Investment & Securities, explained, “Although interest rates and risk premiums have risen due to the impact of war, corporate earnings estimates are rising even faster,” adding, “Even after the war, core inflation has been more stable than expected, reassuring investors and enabling further KOSPI gains.”

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