April 25, 2024

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[THE INVESTOR] Local securities firms have adjusted down their outlook for the main stock market but are raising the possibility of a brighter second half, financial watchers said on June 18.

Cape Investment & Securities had predicted the KOSPI would move between 2,400 and 3,200 points this year, but it has lowered the upper limit of the band to 2,930. Kiwoom Securities initially projected the KOSPI to climb to 2,919, with a chance of reaching above 3,000. Its latest outlook for the peak is 2,887. Daishin Securities was one of the earlier adjusters, resetting its prospects of between 2,500 and 3,000 points to 2,350-2,750 points in April.

NH Investment & Securities, Meritz Securities, Hana Financial Investment and HI Investment & Securities have also lowered their projected highs to between 2,750 and 2,850 points.

Samsung Securities, whose earlier estimate was 2,400-3,100 points, is expected to officially lower its expectations soon.

Shinhan Investment is the only one to not have changed the upper limit, having projected 2,800 in its outlook at the start of this year. It raised the lower limit of the band from 2,250 points to 2,350 points.

Financial watchers said the rosy picture the firms had painted earlier was shown to be wrong as the central banks in the United States and Europe turned hawkish and trade protectionism grew stronger globally, putting emerging markets at risk.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)