J.P. Morgan: South Korea Composite Index could reach as high as 8500 points.

Analysts from J.P. Morgan stated that after the recent recovery of lost ground, the Korean composite index could potentially reach as high as 8500 points. They have revised their fundamental and optimistic scenario targets for the benchmark index from the previous estimates of 6000 and 7500 points to 7000 and 8500 points respectively. The index rose by 0.4% to close at 6216.09 points, edging closer to the record closing high of 6307.27 points set on February 26. They noted that a strong semiconductor cycle and government corporate governance reforms could help the index build on its recent momentum. They added that foreign funds flowing into semiconductor manufacturers Samsung Electronics and SK Hynix increased in April after these index-weighted stocks were sold off in the first quarter.