As the global artificial intelligence and semiconductor boom continues, a large number of semiconductor stocks have entered the top tier of the KOSDAQ market capitalization.

However, while both markets tend to fluctuate together when major domestic semiconductor stocks like Samsung Electronics and SK Hynix decline, an asymmetric trend has emerged where the KOSDAQ is relatively left behind during bull markets. This year, it has become notably common for the KOSDAQ index to fall even on days when the KOSPI rises.

According to the Korea Exchange on July 18, there were 32 trading days this year through July 16 where the KOSPI rose while the KOSDAQ index fell, accounting for 24% of the total 132 trading days.

This proportion is higher than in any other year since the KOSDAQ market was launched in 1996.

In other words, the KOSDAQ moved in the opposite direction to the KOSPI roughly one out of every four trading days.

Last year, there were 32 days out of 242 total trading days where the KOSPI rose and the KOSDAQ fell, accounting for 13%.

This year, the frequency of such decoupling has increased to approximately 1.8 times that of last year.

Conversely, days when the KOSPI fell but the KOSDAQ rose amounted to only 11 days this year, or 8% of total trading days.

Last year, such a trend occurred on 27 days, accounting for 11% of total trading days, but this figure has dropped to the single digits this year.

While the number of days the KOSDAQ fails to follow a KOSPI rally has increased, the number of days the KOSDAQ rises independently when the KOSPI falls has decreased.

The KOSDAQ index showed a steep upward trend early this year, re-entering the 1,000-point mark for the first time in about four years on January 26. On April 24, it closed at 1,203.84, surpassing the 1,200-point threshold at closing for the first time in about 25 years since August 4, 2000, during the dot-com bubble era.

However, it has since given back all of this year's gains and is currently trading below the 800-point level.

This has led to observations that the unique growth momentum of the KOSDAQ market, which is centered on technology growth stocks such as pharmaceuticals and bio, may have weakened.

According to financial information provider FnGuide, as of July 14, there were 32 stocks classified under "semiconductors and related equipment" among the top 100 companies by market capitalization on the KOSDAQ.

Compared to 17 companies at the end of July last year, this is an increase of 15 companies, or 88%, in one year.

On the other hand, the number of bio stocks among the top 100 KOSDAQ companies increased by only one, from 10 at the end of July last year to 11 recently.

With semiconductor-related stocks occupying the top ranks, the KOSDAQ index appears to be more heavily influenced by the semiconductor industry outlook and investor sentiment than before.

However, as capital flocks to "large-cap" semiconductor stocks in the KOSPI market, such as Samsung Electronics and SK Hynix, the KOSDAQ index continues to show relatively sluggish performance.

(Photo: Yonhap News)