Inbeom Hwang: KOSDAQ Falls to 925.93, Turns Negative for 2026
inbeom hwang watched the KOSDAQ sink to 925.93 at 2:29 p.m. on June 8, leaving the index negative for the year after it had climbed as high as 1,229.42 on April 27. The market was down 7.63% from the previous trading day, undoing a 32.86% peak gain reached earlier in 2026.
The move matters because the index began the year at 930, briefly raced ahead, and then fell back through its opening level. By midafternoon, the year-to-date picture had reversed from a strong advance to a loss.
Lee Jaewon on KOSDAQ
Lee Jaewon, a researcher at Yuanta Securities, said the pressure could continue if the current market leadership does not change. “If the semiconductor rally and the large-cap rally continue, the weak earnings momentum of the KOSDAQ compared to the KOSPI will inevitably lead to continued underperformance for the KOSDAQ.”
His view points to a market split that has favored large names over smaller growth stocks. Market participants cited concentration in Samsung Electronics and SK hynix as one reason for the KOSDAQ's poor performance.
Samsung Electronics and SK hynix
They also pointed to the KOSDAQ's heavy weighting toward bio stocks with weak earnings, along with a valuation considered high compared with the KOSPI. Those factors have kept the index under pressure even after its early-year rise.
The KOSPI was also falling sharply on the same day, but its year-to-date growth rate was still nearly 80%. That contrast leaves the KOSDAQ with less room to lean on the broader rally that has supported large caps.
Government Measures
The government has introduced, or decided to introduce, delisting poorly performing listed companies, strengthening disclosure requirements, introducing KOSDAQ active exchange-traded funds, and implementing a promotion and relegation system. Those steps have not kept the KOSDAQ from slipping back below its starting level for the year.
For investors tracking smaller Korean growth stocks, the immediate read is simple: the index has already lost the year’s early advance, and Lee’s outlook suggests the weakness can persist as long as the semiconductor and large-cap rallies keep pulling money elsewhere.
