코스닥시장의 과열 징후, 앞으로의 전망은?
The nation's secondary stock index, fell sharply today.... on profit-taking after an extended rally.
Although overall sentiment remains upbeat,... the losses are reinforcing worries... that a bubble may be forming in the KOSDAQ.
Shin Se-min helps us look beyond the numbers.
Korea's junior, tech-heavy KOSDAQ market is on a record-breaking run.
Though the country's small-cap focused KOSDAQ index closed 2-and-a-half percent lower on Tuesday, seeming to slow a bit,... the overall sentiment not waned.
As of market close last Friday,... the index logged a monthly gain of 14 percent,... while its bigger cousin, benchmark KOSPI,... was treading in the negative territory.
The junior bourse had even pierced through the 800 mark for the first time in history... at its intra-day high on Friday,... and is still eyeing to close above that threshold.
And the main driver of the rally,... is brewing anticipation ahead of fresh government measures to support SMEs,... set to be unveiled next month.
(KOREAN)
"The government's promise to support small and mid sized firms, as well as its promise to overhaul KOSDAQ's listing rules are stimulating the country's junior market."
On top of that,... the Financial Services Commission has hinted at potential tax breaks... to long-term investors in the KOSDAQ,... further amplifying positive sentiments.
And apart from the government's push-and-pull,... there's also the boom in pharmaceutical and biotech firms'... and their upswinging market value.
(KOREAN)
"The recent rally can be credited to the government's strong support for the sector,... but some are concerned about excessive valuations,... especially for biopharmaceuticals counters."
Though the recent KOSDAQ rally is stoking fears of a bubble and profit-taking,... there's still plenty of room to grow,... even without the popular pharma and biochem sectors.
Recovery in the global and local economies is steadily picking up pace,... and the upcoming PyeongChang Winter Games and warming ties with China could open the doors even further for KOSDAQ-listed companies.
(STUP)
"With firms embracing the coming Fourth Industrial Revolution,... the KOSDAQ is poised to grow further... and cement its position as the world's third-largest secondary bourse.
Shin Se-min, Arirang News."
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