It was found that more than 250 trillion won was withdrawn from the domestic stock market this year. The effect of the ‘decoupling’ phenomenon, in which only Korea is left out while the global stock market soars, continues throughout the year. This is interpreted as the result of a combination of negative factors such as the martial law situation and rising exchange rates, as well as the poor performance of major company Samsung Electronics throughout the year.
According to the Korea Exchange on the 29th, the market capitalization of KOSPI as of the closing price on the 27th was approximately 1,997 trillion won, and that of KOSDAQ was 334 trillion won. Compared to the last trading day of last year (December 28), it decreased by 159 trillion won and 95 trillion won, respectively. The market capitalization of the KOSPI and KOSDAQ markets this year amounts to 254 trillion won.
Samsung Electronics’ market capitalization decrease was approximately 148 trillion won, accounting for more than half. According to exchanges, the market capitalization of 22 Samsung Group stocks decreased by approximately 161 trillion won during this period. Samsung Group’s share of the domestic stock market was about 27%, the lowest level since November 2016 when Samsung BioLogics was listed on the KOSPI.
The stock index also suffered a downward trend throughout the year. KOSPI, which had a closing price of 2655.28 at the end of last year, fell 9.4% to 2404.77 by the 27th of this month. During the same period, KOSDAQ fell 23.2% to 665.97. On the other hand, during this period, the U.S. Standard & Poor’s (S&P) 500 index rose 26.6% and the Nasdaq index rose 33.4%. Japan’s Nikkei Index also rose 20.4%, China’s Shanghai Composite Index and Hong Kong’s Hang Seng Index also rose 14.3% and 17.9%.
Securities analysts predict that it will be difficult for the domestic stock market to rebound for some time as the impact of the high exchange rate continues. Park Sang-hyeon, a researcher at iM Securities, said, “After the martial law incident, domestic political uncertainty has increased and the year-end special has disappeared.” He added, “As political instability prolongs, growth slows and national credibility falls, there will inevitably be additional upward pressure on the won-dollar exchange rate.” He said.
Reporter Cho Eung-hyung [email protected]
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