Investors, who had focused on the domestic stock market for a while, have recently turned their eyes back to overseas stock markets.
According to the Korea Exchange, Next Trade, and Korea Securities Depository (KSD), the average daily transaction value of domestic stocks last month was 22.7 trillion won. By market, the Korea Exchange accounted for 15.4 trillion won, and Next Trade contributed 7.2 trillion won. This figure represents a decrease of about 18.05% compared to July's 27.7 trillion won.
In contrast, the transaction amount for overseas stocks increased. Last month, the transaction amount for overseas stocks was $50.42 billion (approximately 70.28 trillion won), showing an increase of $370 million compared to July's $50.05 billion.
This background is interpreted as overseas stock markets, particularly the New York Stock Exchange, experiencing a boom while the Korean stock market is trapped in a range-bound, sluggish trend. The Korea Composite Stock Price Index (KOSPI) fell by 59.43 points (-1.03%) last month, and the Korea Securities Dealers Automated Quotations (KOSDAQ) decreased by 8.33 points (-1.03%). In contrast, the three major stock indices on the New York Stock Exchange moved upward. Notably, the Standard and Poor's 500 Index (S&P) even broke through the 6,500 mark based on the closing price on the 28th of last month (local time).
Securities analysts project that the frustrating trend in the domestic stock market will continue this month. Seasonally, September is known to be a weak month for the stock market, and the overall profit estimate for KOSPI has been revised downward.
Kim Do-eon, a researcher at Hana Securities, noted that "due to long-term interest rate rigidity stemming from inflation concerns and seasonal factors, a correction in the stock market is expected in September," and particularly added, "In Korea, concerns about profit declines are expected to become more pronounced."
However, he stated, "Given that adverse factors are quickly reflected in the nature of the stock market, new opportunities may arise if certain conditions are met," pointing out conditions such as continuous interest rate cuts without accompanying recession, visible easing of restrictions on Korea, and a return of the capital gains tax standard for major shareholders to 5 billion won.