Forecast Trend Report by Period
Goldman Sachs raised its target for South Korea’s Kospi index to 9,000.
Business Insider and other foreign media reported on May 8 that Goldman recently lifted its Kospi target to 9,000 in a report. The move came about 20 days after the bank raised its target to 8,000 from 7,000 on April 18.
Goldman named South Korea’s stock market its top market in Asia. It wrote that the market remains attractive even after one of the world’s hottest rallies. While Korean stocks have already posted one of the most remarkable gains globally this year, the rally is not over, Goldman said.
The bank also maintained an overweight rating on the Korean market. It described South Korea as its highest-conviction view in Asia.
Goldman said investors are underestimating the durability of strong earnings in the memory-chip sector. Korean stocks also remain attractive because they still trade at relatively low valuations even after the recent surge, it said.
Citigroup also raised its Kospi target a day earlier, on May 7, lifting it to 8,500 from 7,000, the level it had presented in February.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
