Kiwoom Securities Forecasts KOSPI Support at 6,300-7,300 Range This Week

According to Kiwoom Securities analyst Han Ji-young, on July 20, the firm forecasted South Korea's KOSPI index would find downside support in the 6,300-7,300 point range this week. The brokerage noted that the index's 12-month forward price-to-earnings ratio (PER) has fallen to 5.8x, reaching its lowest level in 20 years including the 2008 global financial crisis trough, suggesting recent declines are excessive.

Key market drivers for the week include U.S. tech earnings, U.S.-Iran geopolitical tensions, and domestic semiconductor stock performance, with Big Tech earnings expected to significantly influence market direction.