Goldman Sachs: Korean Stocks Still Have 20% Upside After 92% Rally This Year
N.R. Finch
South Korea's KOSPI has surged 92% in the first half of the year, but Goldman Sachs sees over 20% more upside in the next 12 months, arguing that retail leverage risk is overstated.
Up 92% — why is Goldman still bullish?
The KOSPI rallied 92% in H1, sparking widespread concern that gains have gone too far.
Goldman's latest report disagrees: it sees over 20% upside over the next 12 months.
This means → Goldman views the current rally as fundamentally supported, not a bubble.
Will the second half get rocky?
Goldman flags that volatility will rise in H2.
In plain terms = the direction is still up, but the ride will be bumpier — expect mid-course shakeouts.
How real is the retail-leverage risk?
Markets worry that Korean retail investors are over-leveraged, risking a stampede for the exits.
Goldman responds that actual retail leverage is not as high as feared — the risk is overestimated.
This means → Goldman sees retail positioning still within a safe range; current anxiety exceeds the real exposure.
Content is for reference only, not financial advice.