Goldman Sachs Korea Weekly Kickoff: KOSPI Rebounds 3.3% Ahead of FOMC on Industrial Outperformance and a Stronger Won
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Goldman Sachs' weekly Korea kickoff reviews a 3.3% KOSPI rebound on the eve of the FOMC meeting, driven by outperformance from industrial stocks and a stronger Korean won. The note is chart-driven, with exhibits spanning positioning, weekly performance, consumer prices, earnings revisions, valuation, and market breadth. Retail investors have recently sold regular and leveraged ETFs tied to domestic equities while continuing to buy ETFs that track the US market. Against a backdrop of soft recent domestic flows, retail investors' share of holdings has slipped slightly below its historical average. The report also summarizes performance over the past week and tracks changes in the cost of living. On fundamentals, it presents earnings forecast revisions across KOSPI sectors and MXKR's valuation discount to MXAPJ on a next-twelve-month P/E basis. Breadth is monitored via the share of KOSPI constituents trading above their 200-day moving averages. Overall, the package offers a pre-FOMC snapshot of flows, fundamentals, and technicals in Korean equities.
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