South Korea's KOSPI fell 13 points or 0.6% to 2,065 on Thursday at around 10:15 AM Korea time, as new COVID-19 cases surged in the country, bringing the total nearly 1,600. On the monetary front, the Bank of Korea unexpectedly maintained the base rate unchanged at 1.25%, defying market expectations of a 25 bps rate cut due to concerns over the impact of virus infections to the economy. Most of sectors declined, with utilities stocks, technology, energy and healthcare led the losses. The fall in the KOSPI index followed US equities that closed lower for the third straight session.
Historically, the South Korea Stock Market (KOSPI) reached an all time high of 2607.10 in January of 2018.
The South Korea Stock Market (KOSPI) is expected to trade at 2096.97 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2032.13 in 12 months time.