KOSPI Needs 74% Rally to Reach Goldman Sachs' 12,000 Target

South Korea's KOSPI index still has a long way to go before reaching Goldman Sachs strategist Timothy Moe's target of 12,000. To get there, it would need to climb roughly 74% from its current level.

Moe set the target three months ago and hasn't revised it despite the KOSPI losing a quarter of its value. The index currently trades at around 6,899, up about 60% in 2026 after slipping 24% from its June record close.

Two heavyweights, SK Hynix and Samsung Electronics, have driven the rally, with SK Hynix gaining 157% year-to-date and Samsung more than doubling in value. However, the path to the target has been volatile, with a sharp reversal in July and leveraged ETFs posting their first monthly outflow in August.

Moe believes that earnings will be key to reaching the target, expecting KOSPI members to deliver 360% earnings growth this year, followed by 35% next year. He also expects US Big Tech spending to reach $1.2 trillion in 2027, up from earlier projections of $800 billion.