Lee Jae-man, head of global investment analysis at Hana Securities, said the KOSPI has entered a technical bottom and recommends buying [1].
This shift in outlook follows a period of extreme volatility in the South Korean market, where a specific corporate milestone served as a signal for a major correction.
In May 2024, Lee released a research report predicting the end of the KOSPI bull market [1]. He said that if the market capitalization of SK Hynix surpassed that of Samsung Electronics—despite SK Hynix having lower profit forecasts for 2026 and 2027—it would signal that the bullish phase had reached its peak [1].
That scenario materialized on June 22, 2024, when SK Hynix's market cap overtook Samsung's [1]. On that same day, the KOSPI hit an all-time high of 9,114.55 points [1]. However, the index subsequently fell approximately 20% within about 15 days [1].
Now, Lee suggests the market has stabilized. "Currently, the KOSPI has entered a technical bottom," Lee said [1].
There are conflicting reports regarding Lee's specific short-term recovery targets. One report cites a target of 9,240 points [1], while another source suggests a target of 11,450 points [2].
The analyst's previous accuracy regarding the 20% plunge has drawn attention to his current recommendation to enter the market.
“"Currently, the KOSPI has entered a technical bottom"”
The KOSPI's volatility underscores the heavy influence of semiconductor giants on South Korea's broader economic health. By linking the market peak to the relative valuation of SK Hynix and Samsung, Lee highlights how sentiment around AI-driven hardware can decouple from traditional profit forecasts, creating a bubble that leads to rapid corrections.
