The KOSPI has broken through the 5500 level in an unprecedented rally, yet retail investors are far from celebrating. Large-cap stocks including Samsung Electronics and Hyundai Motor have dominated the index gains, spreading "FOMO" — fear of missing out — among investors who don't own these shares.
According to the Korea Exchange on the 14th, the KOSPI large-cap index has surged 32.85% this year. The small-cap index, however, has risen just 11.31% — roughly one-third of the large-cap gains.
The top three stocks by market capitalization — Samsung Electronics (51.13%), SK Hynix (35.18%), and Hyundai Motor (68.30%) — have far outpaced the overall KOSPI average, driving the market higher. This concentration in large-caps began last year. While the KOSPI climbed past 3000 and 4000, large-caps soared more than 83% while small-caps managed barely 20%.
Online stock communities are now flooded with posts expressing frustration. Investors watching others post profit screenshots lament: "Everyone's at a feast and I'm left out" and "I should have just bought Samsung Electronics." One investor said, "These days, if you pick the wrong stock, you don't just miss gains — you lose opportunity cost."
Experts are divided on the outlook.
Shin Hyun-yong, a researcher at Yuanta Securities, forecast that "the index strength centered on semiconductors and large-caps with high earnings visibility will continue for the time being." Lee Kyung-soo, a researcher at Hana Securities, offered a different view: "Earnings momentum could temporarily slow after semiconductor results are released. There's a good chance we'll see a 'catch-up rally' where lagging stocks narrow the gap."