Goldman Sachs Maintains KOSPI Target at 12,000 Points, Sees 20% Upside for H2 2026

According to Goldman Sachs, the investment bank maintains its 12-month target for South Korea's KOSPI index at 12,000 points on July 6, implying over 20% upside from current levels. The outlook is supported by projected full-year earnings growth of 320% and a forward price-to-earnings ratio of 6.65 times, which stands 2.7 standard deviations below historical averages—the lowest since 2009. The bank believes elevated leverage concerns are overblown, noting that growth in leveraged ETF assets stems primarily from valuation gains rather than new margin capital inflows.
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