韩交所CEO看高Kospi至6000点，强力清退市场“僵尸企业”

Core Viewpoint - The CEO of the Korea Exchange, Jeong Eun Bo, expressed optimism about the continued upward trend of the Korean stock market, with the Kospi index nearing the 5000-point mark and potentially reaching 6000 points in the future, driven by efforts to enhance shareholder returns and attract global capital [2][6]. Market Performance - The Kospi index has surged nearly 94% over the past 12 months and is just 2% away from the 5000-point target set by President Yoon Suk-yeol during his campaign [2][6]. - If the index reaches 6000 points, it would represent an additional 22% increase from its current level [2][6]. Drivers of Growth - The growth of the Kospi index is primarily supported by two key factors: the rise of artificial intelligence and defense sectors, which have boosted related stocks, and local lawmakers' efforts to improve corporate governance standards [2][6]. - Major industries in Korea, such as semiconductors, defense, and shipbuilding, have seen enhanced competitiveness, potentially leading to a new value growth cycle for the stock market [2][6]. Market Risks - Some market observers, including strategists from HSBC, caution about potential risks, including limited market breadth, significant depreciation of the Korean won, and concerns over possible bubbles in the artificial intelligence sector [2][6]. Local Investor Behavior - Domestic investors have largely adopted a wait-and-see approach, being net sellers of Kospi index constituent stocks and even betting against the market through inverse exchange-traded products [3][7]. - A popular inverse exchange-traded product that profits from declines in the Kospi index has emerged as a best-seller this year [3][7]. Regulatory and Market Initiatives - To address the lack of retail investor participation, the Korea Exchange plans to relax restrictions on high-risk leveraged ETFs and extend trading hours to 24 hours [3][7]. - The country is also accelerating the delisting process for "zombie companies," which have long-term income issues that do not cover interest costs, with approximately 2800 listed companies deemed excessive relative to the economy's scale [3][7][8]. Market Classification Upgrade - Korea is actively seeking to upgrade its market status to developed market status, which could take several years according to MSCI, but would significantly benefit the stock market by attracting global funds that would necessitate mandatory asset allocation [3][8].