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US stock market is hitting all-time highs every day, but our stock market is uneasy as it has pushed back to the 2,900 level. Usually, the two stock markets follow the same flow, but this year, the phenomenon of playing separately has become clear.



Reporter Jo Ki-ho reports what the reason is.



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KOSPI, which crossed the 3,300 level in June, has continued to decline and is sluggish at the 2,900 level.



This is in stark contrast to the US stock market, which is hitting all-time highs every day.



This year, when the S&P rose 25%, the KOSPI rose only 3%, and in October, the gap between the two indices widened to the largest since 2011.



Korea, which lives on exports, is correlated with the US economy, so the two stock markets usually move similarly, but this year the decoupling phenomenon has become more pronounced.



First, the industry structure is much more vulnerable to severe global supply chain bottlenecks.



Compared to the US stock market, where finance, software, media, and entertainment are located, the proportion of KOSPI such as automobiles, semiconductors and displays, which are directly affected by logistics difficulties, is concentrated at 60%.



The downgrade outlook for next year's earnings in the memory semiconductor industry also had a major impact.



[Lee Kyung-min/Senior Research Fellow, Daishin Securities: In the second half of the year, especially since August and October, the uncertainty of earnings in the semiconductor industry has gotten worse and has become a reason for lowering expectations. I think.]



Exports to China account for 25% of the total, which is highly dependent on the Chinese economy.



Foreigners have sold 31 trillion won of Korean stocks this year, accounting for 27% of the total market capitalization, the lowest level since the global financial crisis.



While reducing investment in emerging markets, growing inflationary pressures and an earlier schedule for interest rate hikes may put more pressure on the Korean stock market.



(Video editing: Jeon Min-gyu, CG: Seo Dong-min)