As the KOSPI topped 5,000 for the first time ever, opening a new horizon for Korea's stock market, the KOSDAQ also returned to the "Cheon KOSDAQ" milestone for the first time in four years. Unlike past overheating driven by theme stocks, this rally has been led by substantive technology bellwethers such as AI and robots, prompting broad assessments that the market is undergoing qualitative growth.
As of 11:28 a.m. on the 26th, the KOSDAQ index was at 1,047.37, up 53.44 points (5.4%) from the previous trading day. After opening at 1,003.85, the KOSDAQ surged more than 6% early in the session, triggering a "buy sidecar" that temporarily suspends the effectiveness of program buy quotes for the first time in nine months, as strong buying flows into the market overall."
◇ shift in KOSDAQ leadership amid AI, robot boom… impact from "bellwether" Alteogen's departure
While secondary-battery plays that once dominated the KOSDAQ have slowed, robots and AI Semiconductor have taken their place. With market-cap No. 1 Alteogen set to transfer to the KOSPI in the first quarter of this year, attention is already turning to the next bellwether.
In fact, the star that heated up the KOSDAQ over the past six months is Sungho Electronics, up 1,060.5%. The stock jumped more than tenfold as it transformed from an electric-vehicle parts maker into an AI infrastructure player by acquiring Nvidia's supply-chain partner (ADS Tech)..
They were followed by Jaeyoung Solutec (644.9%), Hyundai Movex (601.9%), Wonik Holdings (553.9%), AbClon (434.6%), PIM Korea (429.2%), Hyulim Robot (418.9%), Neuromeka (416.8%) and SAMHYUN (416.2%). The fact that seven of the top 10 gainers are robot or AI-related names shows that the KOSDAQ's profit map has been completely redrawn.
According to Shinhan Investment & Securities, the market-cap weight of health care, semiconductors and machinery within the KOSDAQ150 index rose 5.7 percentage points from a year earlier (58.0→63.7%), increasing their influence.
Kang Jin-hyeok, an analyst at Shinhan Investment & Securities, said, "As Alteogen exits the KOSDAQ150 and new names are added, passive funds that tracked Alteogen will flow into the remaining stocks," adding, "This calls for attention to top-cap robot and pharma-bio names."
Stocks tied to secondary batteries, previously seen as KOSDAQ leaders, have been relatively weak. Easing of Europe's 2035 ban on sales of internal combustion cars and reduced U.S. subsidies for electric vehicles have clouded the outlook for battery materials, while contract cancellations and reductions by groups such as SK and POSCO have added to concerns. Still, the cathode-material theme is cited as one of the beneficiaries of robots.
◇ big-money investors also flow into KOSDAQ… even hopes for "KOSDAQ 3000"
An imbalance in supply and demand, long cited as a chronic limitation of the KOSDAQ market, is showing signs of easing. Over the past six months, individual investors made net purchases of 2.8393 trillion won, lifting the index, while institutional investors led by pension funds bought 922.9 billion won, helping the market settle above the "Cheon KOSDAQ" level.
In particular, pension funds bought about 342.5 billion won worth of shares, roughly 37% of institutions' net purchases. Foreign investors were net sellers of 144.9 billion won in KOSDAQ stocks during the period, but that was a sharp reduction from the previous six months (1.6389 trillion won).
Over the past five years, the number of new KOSDAQ listings has been about three times higher than in major countries such as the United States and Japan, but the delisting rate is low, raising the need for restructuring. Companies on the brink account for 21.8% of listed firms.
Amid this, the KOSPI 5000 special committee recently set "KOSDAQ 3000" as its next goal, boosting market expectations.
In particular, as the era of mass-producing Humanoid Robot begins in earnest, interest in related industries is growing, and there is a possibility that more beneficiaries will emerge. In tandem with government policies to revitalize the KOSDAQ, there are positive views that the growth of AI and robot-related stocks will gain momentum.
Na Jeong-hwan, an analyst at NH Investment & Securities, said, "As the government's listing and delisting restructuring and policies to bring in institutional investors gather pace, the KOSDAQ index's upside potential will expand."