As the KOSPI index breaks through 5,500 points for the first time ever and continues its days-long surge, a pronounced "herd behavior" has emerged, with stock investors across all generations concentrating their purchases on certain large-cap stocks.
According to Samsung Securities data on the 14th, from Jan. 2 to Feb. 6, the top three net purchases of domestic stocks by investors across all age groups (20s to 60s and older) were SK hynix, Samsung Electronics, and Hyundai Motor. The very largest-cap stocks leading the index gains were simultaneously chosen by every generation.
However, preferences by age group diverged in ranking. Among investors in their 20s, 30s, and 40s, SK hynix took the No. 1 spot for net buying. By age group, net purchase amounts were 144.9 billion won for those in their 40s, 104.4 billion won for those in their 30s, and 18.5 billion won for those in their 20s. In contrast, those in their 50s bought the most Hyundai Motor (270.7 billion won), while investors 60 and older most heavily bought Samsung Electronics (417 billion won).
Until the end of last year (Nov. 24 to Dec. 31), before the KOSPI rally got into full swing, all generations showed a tendency to concentrate on a single stock, SK hynix. During this period, SK hynix ranked No. 1 in net buying across every age group from the 20s to 60s and older, with a total net purchase amount reaching 570.2 billion won.
However, starting from the No. 2 spot, tastes diverged by generation. Those in their 20s and 60s and older bought Samsung Epis Holdings second-most, while those in their 30s bought NCSOFT the second-most. Investors in their 40s and 50s placed Doosan Enerbility near the top in net purchases.
Net purchases are the value obtained by subtracting sales from purchases, meaning the investor is holding the stock without selling it. Generally, the stronger the long-term investment tendency, the higher the proportion of stable large caps, but in detail, differentiated investment patterns have appeared depending on preferred industries by age group.
During the same period last year (Jan. 2 to Feb. 6), when the KOSPI was trending lower, investment destinations differed by generation. At that time, investors in their 20s made the largest net purchases not of KOSPI large caps but of Alteogen, the leading KOSDAQ stock, betting on "growth stocks." In contrast, investors in their 30s and 40s prioritized Hyundai Motor.
Middle-aged and older investors made different choices as well. In their 50s, E-MART, a representative domestic consumption stock, ranked No. 1 in net buying, while only investors 60 and older bought the most Samsung Electronics, maintaining a conservative approach. This contrasts markedly with this year, the era of the index at 5,000, when all generations have converged on large blue chips.
Lee Sang-heon, Director General of the iM Securities research center, said, "When the KOSPI index rose more than 1,000 points early this year, what pulled the index were Samsung Electronics, SK hynix, and Hyundai Motor," adding, "Even though the number of decliners was high, the index kept rising, leading investors to sell individual stocks whose prices were not rising and buy large caps whose prices were soaring."