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2w ago

JPMorgan Upgrades Korean Stocks to Overweight, Sees Kospi Reaching 5,000 in Two Years

President Lee’s push for governance reforms underpins the projected 50 percent rally over the next two years.

This photo shows the dealing room of Hana Bank in central Seoul on July 14, 2025. (Yonhap)
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This photo shows the dealing room of Hana Bank in central Seoul on July 14, 2025. (Yonhap)
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Overview

  • The Kospi is trading around 3,175 to 3,200 with intraday highs above 3,200 for the first time in 46 months.
  • Recent governance reforms, including the commercial code revision, have contributed to a 32 percent gain in the index year-to-date.
  • JPMorgan’s strategists recommend adding on market dips and forecast a trading range of 3,200 to 3,500 through the end of the year.
  • Muted foreign buying compared with early 2024 suggests scope for further inflows as global investors look for entry points.
  • Strategists warn that U.S. tariff talks, bond-market fluctuations and regional geopolitical tensions could trigger volatility but view pullbacks as buying opportunities.