"KOSPI Soars While My Stocks Stagnate"... KOSDAQ Bio Investors Left Disheartened

On the 6th, the KOSPI index surpassed the 7,000 mark intraday for the first time ever. The ticker displaying the domestic stock market indices is shown on the electronic board in the dealing room of the Woori Bank headquarters in Jung-gu, Seoul. While the KOSPI reached a record high, the KOSDAQ is recording losses. May 6, 2026. Photo by Jinhyung Kang

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Fueled by an unprecedented boom in memory semiconductors, the KOSPI has been hitting record highs day after day. However, the KOSDAQ is trending downward, deepening concerns among investors in bio stocks and other small- and mid-cap shares.

According to the Korea Exchange on May 6, the KOSDAQ opened at 1,220.90, up 0.59% from the previous trading day, but soon reversed course and, as of 10:22 a.m., was trading down 0.62% at 1,206.20.

While the KOSPI surged 30.6% last month and has gained more than 10% this month, the KOSDAQ only rose 13% last month and has seen gains of just around 1% so far this month.

According to the securities industry, the underperformance of bio stocks is limiting the KOSDAQ's upward momentum. There is also analysis that the sharp decline of Samchundang Pharm, which at one point surpassed KRW 1.2 million per share and ranked first in KOSDAQ market capitalization, following several controversies, has dampened investor sentiment for the entire bio sector. Pharmaceutical and bio companies account for about 30% of the total market capitalization of the KOSDAQ, but as the sector as a whole has turned weak, the KOSDAQ index is also struggling to gain traction.

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On this day as well, Alteogen, which ranks third in KOSDAQ market capitalization, was down 2.28%, while Samchundang Pharm (ranked fifth, -1.47%), Kolon TissueGene (seventh, -0.67%), and ABL Bio (ninth, -2.87%)-most of the major bio stocks-were also weak.

Although small- and mid-cap semiconductor stocks and secondary battery stocks have rebounded since April, bio stocks are holding the index back. Heechan Jung, a researcher at Samsung Futures, commented, "Despite the strength in semiconductor materials, parts, and equipment stocks, the KOSDAQ continues to underperform the KOSPI due to weakened investor sentiment in the bio sector, which has a large market capitalization share."

As the KOSDAQ remains sluggish, individual investors who have concentrated on small- and mid-cap stocks are suffering losses. According to the Korea Exchange, from last month through today, institutions have been net sellers of more than KRW 2 trillion, and foreigners have sold more than KRW 160 billion in the KOSDAQ. In contrast, only individuals have been net buyers of over KRW 3 trillion, providing support for the index.

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