The benchmark Kospi is down about 22% in 2022, which would be its biggest drop since 2008.

(Associated Press)

[Financial Channel/Comprehensive Report] South Korea’s stock market fell sharply this year, making it the worst year since the 2008 global financial crisis. Chip and Internet giants fell the most, but investors found new opportunities in the electric vehicle supply chain and the defense sector. profit.

The benchmark Kospi is down about 22% in 2022, which would be its biggest drop since 2008.

The biggest drags included Samsung Electronics Co , which fell 26 percent, and internet company Kakao Corp. , which fell more than 50 percent, as growth stocks were battered by recession fears around the world.

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Other losers include some of last year's biggest gainers, such as Metaverse, video games and crypto stocks.

Shares of companies tied to entertainment hits such as Netflix's Squid Games have experienced jittery volatility.

It's been a painful year for growth stocks, said An Hyungjin, chief executive of Billionfold Asset Management.

There were still a handful of winners in the market, with $10.7 billion in shares of electric vehicle battery maker LG Energy Solutions meanwhile luring investors away from chip stocks.

The Tesla Inc supplier, which was spun off from LG Chem Ltd., has risen 53% since its January 2022 listing, making it the No. 2 weighted stock on the Kospi index.

The global race to increase arms spending has brought export windfalls to South Korean defense companies.

Shares of Korea Aerospace Industrie, Hanwha Aerospace and Hyundai Rotem all rose more than 30 percent.

Brokerages including Goldman Sachs, Morgan Stanley and Nomura raised their views on South Korean stocks in 2023, citing cheap market capitalization, a potential rebound in memory chip stocks and potential benefits from China's reopening.

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