(Yonhap)
South Korean securities stocks surged on Wednesday morning as the country’s main Kospi broke through the unprecedented 7,000 level.
Kiwoom Securities Co. shares were trading at 485,500 won ($332.89) as of 9:18 a.m., up 14.91 percent from the previous session. Mirae Asset Securities Co. rose 13.80 percent, Hyundai Motor Securities Co. climbed 10.64 percent, Hanwha Investment & Securities Co. jumped 9.04 percent, and Samsung Securities Co. increased 7.83 percent.
The rally appears to be driven by expectations of increased trading volume amid a booming stock market, as the Kospi broke above the 7,000 mark at the opening.
“The Kospi is continuing an upward trend fully supported by earnings,” said Lee Kyung-min, an analyst at Daishin Securities Co. “As a result, despite hitting record highs, the forward price-to-earnings ratio (PER) stands at just 7.18 times, even lower than the 7.52 times recorded at the trough during the Covid-19 shock.”
He also noted that the Kospi’s upward trend is likely to continue until forward earnings per share (EPS) begin to decline, adding that “with further improvements in forward EPS, valuation normalization alone could usher in an era of 7,000 and beyond.”
Separately, SK square Co. also surged in early trading Wednesday, surpassing the 1 million won.
SK square shares were trading up 11.4 percent at 1.104 million won as of 9:10 a.m. Shortly after the market opened, the stock climbed to 1.149 million won, hitting a new 52-week high.
Its market capitalization stands at about 145 trillion won, making it the third-largest on the main board after Samsung Electronics Co. and SK hynix Inc., with a market share of 2.45 percent.
SK square, which serves as an intermediate holding company of SK Group, has recently seen its stock price surge on the back of rising corporate value at SK hynix and strengthened shareholder return policies.
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