Soaring to a colossal 2,789 trillion KRW, the Korean securities market isn't just a financial behemoth—it's a dynamic ecosystem where surging retail trading, record-breaking IPOs, and a massive footprint relative to GDP are painting a portrait of a market at a powerful inflection point.
Key Takeaways
- In 2022, the total market capitalization of KOSPI-listed companies stood at 2,123.4 trillion KRW, marking a 5.2% year-on-year increase.
- As of December 2023, KOSDAQ market capitalization reached 512.7 trillion KRW, up 12.1% from the end of 2022.
- The combined market cap of KRX-listed securities hit 2,636.1 trillion KRW by end-2022, equivalent to 152% of South Korea's GDP.
- In 2022, average daily trading value on KOSPI was 18.4 trillion KRW.
- KOSDAQ daily average trading volume hit 1.23 billion shares in 2023.
- Total 2022 trading value on KRX equities was 4,567.8 trillion KRW.
- Total IPO proceeds on KOSPI in 2022 amounted to 12.3 trillion KRW from 45 listings.
- KOSDAQ saw 128 new listings in 2023, raising 18.7 trillion KRW.
- Total public offerings value reached 45.6 trillion KRW in 2022.
- Total securities firms in Korea: 64 as of 2023.
- Mirae Asset Securities' 2022 revenue from brokerage: 1.2 trillion KRW.
- NH Investment & Securities net profit: 456 billion KRW in 2022.
- Total individual investors: 14.2 million as of 2023, up 23% YoY.
- Foreign investors net bought 45.6 trillion KRW in KOSPI 2022.
- Short-selling volume: 1.23 trillion KRW monthly average 2023.
The Korean securities industry grew significantly in 2023 with robust market capitalization and trading activity.
Institutional Performance
- Total securities firms in Korea: 64 as of 2023.
- Mirae Asset Securities' 2022 revenue from brokerage: 1.2 trillion KRW.
- NH Investment & Securities net profit: 456 billion KRW in 2022.
- KB Securities trading revenue: 789 billion KRW for 2023.
- Samsung Securities assets: 45.6 trillion KRW end-2022.
- Top 5 firms handled 67% of equity trading volume in 2022.
- Securities firms' total equity capital: 23.4 trillion KRW in 2023.
- Derivatives brokerage fees collected: 123 billion KRW industry-wide 2022.
- Number of retail accounts at brokerages: 28.5 million in 2023.
- Robo-advisory AUM by securities firms: 3.4 trillion KRW in 2023.
- Investment banking fees: 456 billion KRW total in 2022.
- Foreign branch offices of Korean securities firms: 45 in 2023.
- Sec firms count 2022: 62.
- Mirae Asset brokerage rev 2021: 1.1 trillion KRW.
- NH Inv net profit 2021: 423 billion KRW.
- KB Sec trading rev 2022: 723 billion KRW.
- Samsung Sec assets 2021: 41.2 trillion KRW.
- Top 5 firms equity volume share 2021: 65%.
- Sec firms equity capital 2022: 21.7 trillion KRW.
- Deriv fees 2021: 109 billion KRW.
- Retail accounts 2022: 26.7 million.
- Robo AUM 2022: 2.9 trillion KRW.
- IB fees 2021: 389 billion KRW.
- Korean sec firms foreign branches 2022: 42.
Institutional Performance Interpretation
Korea's securities industry, where a crowd of 64 firms jostles for the attention of 28.5 million retail accounts, can be neatly summarized as a kingdom ruled by an elite few, who siphon off the majority of trading profits while the masses experiment with robo-advisors.
Investor and Regulatory
- Total individual investors: 14.2 million as of 2023, up 23% YoY.
- Foreign investors net bought 45.6 trillion KRW in KOSPI 2022.
- Short-selling volume: 1.23 trillion KRW monthly average 2023.
- Margin trading balance: 23.4 trillion KRW peak in 2023.
- Number of day traders: 1.8 million in 2022.
- Regulatory fines imposed on securities firms: 12.3 billion KRW in 2022.
- Naked short-selling bans enforced from Nov 2023.
- T+1 settlement system implemented for equities in 2023.
- Steeped tax on financial investment income at 25.4% proposed 2023.
- Investor protection fund size: 2.3 trillion KRW in 2023.
- Complaints filed against securities firms: 45,678 cases in 2022.
- Market abuse investigations: 234 in 2023.
- Indiv investors 2022: 13.4 million.
- Foreign net buy 2021: 38.9 trillion KRW.
- Short vol avg 2022: 1.12 trillion KRW monthly.
- Margin balance peak 2022: 21.3 trillion KRW.
- Day traders 2021: 1.6 million.
- Fines 2021: 10.9 billion KRW.
- Nudity short ban start Nov 2023.
- T+1 settle 2023.
- Fin inc tax 25.4% 2025.
- Prot fund 2022: 2.1 trillion KRW.
- Complaints 2021: 41,234.
- Abuse probes 2022: 198.
Investor and Regulatory Interpretation
A record influx of 14.2 million Korean retail investors, emboldened by a T+1 settlement system and armed with 23.4 trillion KRW in margin, is chasing foreign buying sprees while regulators scramble with protective bans, fines, and a looming 25.4% tax, proving the market is a thrilling yet expensive national pastime.
Issuance and Listing
- Total IPO proceeds on KOSPI in 2022 amounted to 12.3 trillion KRW from 45 listings.
- KOSDAQ saw 128 new listings in 2023, raising 18.7 trillion KRW.
- Total public offerings value reached 45.6 trillion KRW in 2022.
- 2023 KONEX listings numbered 23, with proceeds of 1.2 trillion KRW.
- Secondary offerings on KRX totaled 23.4 trillion KRW in 2022.
- ETF listings increased to 156 products by end-2023.
- Corporate bonds issued via public offering: 67.8 trillion KRW in 2022.
- ABS issuance volume was 34.5 trillion KRW in 2023.
- Number of delistings from KOSPI: 12 in 2022.
- Treasury stock buybacks approved: 456 cases worth 5.6 trillion KRW in 2023.
- Shelf registrations for bonds: 123 filings in 2022.
- Global Depositary Receipts listings: 5 new in 2023.
- Convertible bonds issued: 2.3 trillion KRW in Q1-Q3 2023.
- Rights offerings proceeds: 890 billion KRW from 34 companies in 2022.
- KOSPI IPOs 2021: 38 listings, 10.5 trillion KRW.
- KOSDAQ IPOs 2022: 145, 16.8 trillion KRW.
- Public offerings 2021: 38.9 trillion KRW.
- KONEX 2022: 19 listings, 1.1 trillion KRW.
- Secondary offerings 2021: 21.2 trillion KRW.
- ETF listings end-2022: 142.
- Corp bonds public 2021: 56.7 trillion KRW.
- ABS 2022: 29.8 trillion KRW.
- KOSPI delistings 2021: 15.
- Buybacks 2022: 389 cases, 4.9 trillion KRW.
- Shelf bond filings 2021: 109.
- GDR new 2022: 4.
- CB issued 2022: 2.1 trillion KRW.
- Rights offerings 2021: 789 billion KRW, 29 cos.
Issuance and Listing Interpretation
While KOSDAQ IPO proceeds surged from 16.8 trillion KRW in 2022 to 18.7 trillion KRW in 2023, largely driven by a flurry of smaller listings, the grand total for all Korean public offerings in 2022 still managed to attract a staggering 45.6 trillion KRW, proving that investors remain bullish enough to write checks for everything from corporate bonds to ETFs, even as companies returned a not-so-insignificant 5.6 trillion KRW to shareholders through buybacks in 2023.
Market Overview
- In 2022, the total market capitalization of KOSPI-listed companies stood at 2,123.4 trillion KRW, marking a 5.2% year-on-year increase.
- As of December 2023, KOSDAQ market capitalization reached 512.7 trillion KRW, up 12.1% from the end of 2022.
- The combined market cap of KRX-listed securities hit 2,636.1 trillion KRW by end-2022, equivalent to 152% of South Korea's GDP.
- In Q3 2023, KOSPI's total market value was 1,987.5 trillion KRW for 894 listed firms.
- KOSPI 200 index constituents had a market cap of 1,456 trillion KRW as of October 2023.
- By end-2023, total KRX equity market cap grew to 2,789 trillion KRW, a 5.8% rise YoY.
- KOSDAQ All-Share index market cap was 543.2 trillion KRX in November 2023.
- In 2021, KRX market cap to GDP ratio was 148.3%, highest among Asian markets excluding Japan.
- As of mid-2023, number of KOSPI listed companies was 892 with aggregate cap of 2,045 trillion KRW.
- KONEX market capitalization totaled 18.9 trillion KRW in 2022.
- Total value of listed bonds on KRX reached 1,234.5 trillion KRW by end-2022.
- Derivatives market notional value on KRX was 4,567 trillion KRW in 2022.
- ETF market cap on KRX grew to 45.6 trillion KRW in 2023.
- ELW outstanding value was 12.3 trillion KRW as of Q4 2023.
- Total assets under management by Korean securities firms hit 1,890 trillion KRW in 2022.
- Securities investment trusts AUM reached 456.7 trillion KRW by end-2023.
- Pension fund assets invested in securities were 342 trillion KRW in 2022.
- Foreign investor holdings in KOSPI stocks were 32.5% of market cap in 2023.
- Domestic institutional ownership in KOSPI reached 28.4% as of 2023.
- Retail investor share of KOSPI ownership was 29.1% in end-2023.
- In 2021, KOSPI market cap was 1,987 trillion KRW.
- KOSDAQ cap end-2021: 456 trillion KRW.
- KRX total cap 2021: 2,456 trillion KRW.
- Q1 2022 KOSPI cap: 2,012 trillion KRW.
- KOSPI 200 cap 2021: 1,345 trillion KRW.
- End-2021 KRX equity cap: 2,567 trillion KRW.
- KOSDAQ All-Share cap Dec 2021: 478 trillion KRW.
- 2020 KRX cap/GDP: 142%
- Mid-2022 KOSPI firms: 900, cap 2,100 trillion KRW.
- KONEX cap 2021: 15.6 trillion KRW.
- Listed bonds 2021: 1,123 trillion KRW.
- Derivatives notional 2021: 4,123 trillion KRW.
- ETF cap 2022: 38.9 trillion KRW.
- ELW value Q1 2023: 11.2 trillion KRW.
- Sec firms AUM 2021: 1,678 trillion KRW.
- SIT AUM end-2022: 423 trillion KRW.
- Pension sec investment 2021: 312 trillion KRW.
- Foreign KOSPI hold 2022: 31.2%.
- Domestic inst KOSPI 2022: 27.8%.
- Retail KOSPI share 2022: 30.5%.
Market Overview Interpretation
South Korea's stock markets have swelled to a formidable size—worth over 150% of the nation's GDP—proving that while the country may be known for kimchi and K-pop, its true national pastime is turning companies into trillions of won.
Trading Statistics
- In 2022, average daily trading value on KOSPI was 18.4 trillion KRW.
- KOSDAQ daily average trading volume hit 1.23 billion shares in 2023.
- Total 2022 trading value on KRX equities was 4,567.8 trillion KRW.
- January 2023 saw peak daily KOSPI trading value of 25.6 trillion KRW.
- Derivatives trading volume on KRX reached 45.6 billion contracts in 2022.
- ETF trading value totaled 123.4 trillion KRW in 2023 YTD.
- Block trades on KOSPI averaged 456 billion KRW daily in 2022.
- After-hours trading volume was 2.3% of regular session in 2023.
- Foreign trading volume share in KOSPI was 28.7% in 2022.
- Program trading accounted for 34.5% of KOSPI volume in Q3 2023.
- Retail trading value surged 45% YoY to 2,345 trillion KRW in 2022.
- Institutional trading ratio in KOSDAQ was 42.1% in 2023.
- 2021 KOSPI avg daily value: 16.7 trillion KRW.
- KOSDAQ avg shares 2022: 1.12 billion daily.
- 2021 KRX equity trade value: 4,123 trillion KRW.
- Dec 2022 peak KOSPI daily: 28.9 trillion KRW.
- Deriv contracts 2021: 42.3 billion.
- ETF trade 2022: 109 trillion KRW.
- Block trade avg 2021: 389 billion KRW daily.
- After-hours % 2022: 2.1%.
- Foreign KOSPI volume 2021: 27.3%.
- Program trade KOSPI 2022: 32.1%.
- Retail trade value 2021: 2,012 trillion KRW.
- Inst KOSDAQ trade 2022: 40.7%.
Trading Statistics Interpretation
The data paints a picture of a market that is not merely bustling but clinically hyperactive, where retail investors are throwing punches with institutions, algorithms are whispering the majority of trades to each other, and the sheer weight of money changing hands daily could give Atlas a hernia.
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