Choi Jeong-yoon
As Kospi breaks records, more Koreans are pouring into stocks, driven by fear of missing out and fading faith in traditional paths to economic security (Getty Image) At lunch tables, office coffee breaks and weekend family gatherings, conversations increasingly revolve around which shares surged overnight, which semiconductor stock might be the next to double and who made how much money in a single day.Social media feeds are flooded with screenshots of investors’ portfolios showing eye-popping gains. Bookstores have turned bestseller sections over to investing guides and stock market strategy books. Even teenagers are joining the frenzy.The fever comes as South Korea’s stock market enters unprecedented territory. The benchmark Kospi index broke above the 8,000 mark for the first time during intraday trading Friday, only seven trading days after surpassing 7,000.Since the launch of Korea’s stock market in 1956, it took more than 18 years for the Kospi to rise from 1,000 to 2,000 points, and another 13 years to reach 3,000. But the jump from 4,000 to 7,000 took just four months, turning the rally into one of the most closely watched market stories in Asia.For many Koreans, the stock market is no longer a niche financial arena reserved for professional investors. It has become part of everyday life.“Everyone, literally everyone, is talking about stocks these days,” said Shin, a 32-year-old bank employee. “During lunch with colleagues, we talk about stocks. After work, with friends, we talk about stocks. On weekends, I talk about stocks with my family.”According to the Korea Financial Investment Association, the number of stock trading accounts surpassed 105 million as of May 6, up 7.08 million since the beginning of the year and 15.45 million from a year earlier. Investor deposits waiting on the sidelines for stock purchases reached a record 136.9 trillion won, or $91 billion.At the same time, margin loans, or money borrowed from brokerages for stock investments, surged to nearly 36 trillion won, the highest level ever recorded. As optimism in the stock market grows, people browse books on stock investment and personal finance at a bookstore in Seoul on May 10.
