Despite the KOSPI's gains this year, the KOSDAQ has been stepping backward one day out of every four trading days, intensifying market imbalances. Although semiconductor-related stocks in the top 100 KOSDAQ listed companies have surged 88% over the past year, the index has surrendered all of its early-year gains, and analysts note that it is losing its unique growth momentum.

As of July 18, 2026, the KOSDAQ market is showing a pattern of 'asymmetry,' where it declines when the KOSPI rises. From January through July 16 this year, out of a total of 132 trading days, there were 32 days when the KOSDAQ fell while the KOSPI rose. This figure represents 24% of all trading days, the highest proportion since the KOSDAQ's launch in 1996.

The KOSDAQ index showed dramatic gains early this year, capturing investors' expectations. On January 26, it re-entered the '1,000-point KOSDAQ' (1,000pt), and on April 24, it recorded 1,203.84 points, marking the first time in 25 years to break through the 1,200 level. However, as of July 16, the index has plummeted to 791.84 points, surrendering all of its early-year gains.

Behind this phenomenon lies the analysis that semiconductor-related stocks are dominating within the KOSDAQ market while other industries remain stagnant. As of July 14, there were as many as 32 semiconductor-related stocks among the top 100 KOSDAQ-listed companies by market capitalization. This represents a sharp increase of 15 companies (88%) from 17 at the end of July last year. Meanwhile, other sectors such as biotech have failed to make progress.

[사진=연합뉴스]

Joosung Engineering is a representative example of this trend. Joosung Engineering, which ranked 42nd in market capitalization at the end of July last year, rose vertically to 4th as of July 16 this year, clearly demonstrating the semiconductor concentration phenomenon in the KOSDAQ market.

Lee Gun-jae, head of the KOSDAQ Research Center at IBK Investment & Securities, diagnosed that "while the KOSDAQ market has expanded in scale with the influx of semiconductor-related stocks, the concentration of demand toward large-cap semiconductor stocks like Samsung Electronics and SK Hynix on the KOSPI is intensifying, hindering the vitality of the KOSDAQ market as a whole."

Concerns are being raised that while the KOSDAQ market has expanded in scale through the inclusion of semiconductor-related stocks, its unique growth momentum may weaken as demand is concentrated on large-cap semiconductor stocks on the KOSPI. Market attention is focused on whether the KOSDAQ market will be able to maintain its independent appeal going forward, or whether the semiconductor concentration phenomenon will intensify further.