盘中突破5000点新高，李在明缘何说韩国股市仍被低估？

Core Viewpoint - The South Korean stock market has shown a strong upward trend, with the KOSPI index reaching a historic high of over 5000 points, driven by factors such as low valuations, government reforms, and the booming AI and semiconductor sectors [1][3][4]. Group 1: Market Performance - The KOSPI index opened at 4987.06 points on January 22, 2026, and reached a peak of 5019.54 points before closing at 4952.53 points, marking a 0.87% increase from the previous day [1]. - In 2025, the South Korean stock market recorded a 76% annual increase, making it one of the best-performing markets globally [1]. Group 2: Government Initiatives - President Yoon Suk-yeol highlighted that the South Korean stock market is still undervalued due to the "Korea Discount," which refers to the lower trading prices of Korean stocks compared to global peers [3]. - The government has implemented a "Value-up Program" and initiated a fund of 150 trillion KRW to stimulate innovation in the high-tech sector [4][5]. Group 3: Sector Performance - The AI boom is identified as a significant driver of the current stock market rally, with Goldman Sachs noting strong earnings recovery expectations for South Korean tech stocks due to the end of semiconductor inventory depletion and new demand cycles driven by AI [3]. - UBS reports that non-tech sectors, including nuclear power, grid equipment, and defense industries, are also expected to maintain long-term growth trends [3]. Group 4: Market Environment Improvements - The CEO of the Korea Exchange stated that ongoing reforms aimed at enhancing shareholder returns and attracting global capital could lead the KOSPI index to potentially reach 6000 points [6]. - Plans to eliminate inefficient "zombie companies" and extend trading hours to 24 hours are in place to improve market structure and attract retail investors [6]. Group 5: Cautionary Perspectives - The Korea International Financial Center has warned of potential volatility in foreign capital flows due to concerns over an AI bubble, with foreign ownership in the South Korean stock market reaching 32.9% by the end of 2022, the highest in nearly six years [7]. - HSBC's Asia equity strategy head cautioned that the rapid rise in the South Korean stock market has led to overvaluation in some sectors, suggesting investors remain vigilant for short-term technical adjustments [7].