"Why Is My Account Still Flat in a Bull Market?" Retail Investors Left Behind by Large-Cap Rally [The Joys and Sorrows of a Salaryman]

[Financial News] "The news says the stock market is at an all-time high, but I don't understand why my account is so quiet."
A retail investor in his 30s, identified as office worker A, said he has been having the same thought every time he opens his stock app these days. He has heard that the domestic market has set new records, but the stocks he owns have barely moved. "I thought my stocks would at least follow when the market rose," he said. "But it seems like the only names going up are large caps such as Samsung Electronics and SK hynix."
The KOSPI has already broken through the 9,000 mark for the first time, but retail investors are feeling the rally differently. As a handful of large semiconductor stocks led the gains, investors who do not hold those names say they feel left out of the bull market. The market has surged, yet many office workers who invest are increasingly worried as the same pattern repeats: the index rises, but their own accounts do not.


According to the Korea Exchange (KRX) on the 18th, the KOSPI closed at 9,063.84, up 199.60 points from the previous session. That was a gain of 2.25%. It was the first time the index had closed above 9,000.
The rally was led by Samsung Electronics and SK hynix. Samsung Electronics finished the day up 4.62% at 362,500 won, while SK hynix closed up 6.51% at 2,685,000 won. Their market-cap weights on the Korea Exchange Main Board were 28.58% and 25.81%, respectively. Combined, they accounted for more than 54%.
That means the two stocks now have enormous influence over the index's movement. Even when the KOSPI rises, not every stock held by individual investors rises with it. In particular, investors who do not own large semiconductor names may find it hard to feel the index's gains.
A 40-something office worker, identified as B, said, "This time I really felt that just because the KOSPI goes up doesn't mean the stocks I own will go up too." He added, "The index is at a record high, but my holdings are flat or falling, so I feel even more anxious for no reason."

The gap between the index and individual accounts is also clear in the number of stocks that have risen. As of the 18th, 267 of the 946 KOSPI-listed stocks had gained so far this month. That works out to 28.2%. Meanwhile, 648 stocks had fallen, or 68.5%.

Last month, the gap was even wider. Out of 948 KOSPI-listed stocks, only 111 rose, or 11.7%, while 811 fell, or 85.5%. In other words, although the index moved sharply higher, the market was not broadly rising across the board.
In such a market, investors' experiences diverge sharply. Those holding Samsung Electronics, SK hynix, and some semiconductor-related stocks can see the index's rise reflected in their accounts. By contrast, investors holding rechargeable battery, biotechnology, small-cap growth, or KOSDAQ names may feel as if they are watching a completely different market.

A 30-something office worker, identified as C, said, "At work, when people talk about the KOSPI, they all sound like they're making money. But when you actually ask them, everyone owns different stocks." He added, "Even though I know the index and my account are different things, I still end up comparing them."


Some investors who feel left behind eventually move into large caps late. Even after semiconductor shares have already risen sharply, they still think Samsung Electronics and SK hynix may have more room to run.
But that can blur their investment standards. If they are buying not because they studied earnings and industry conditions from the start, but simply to catch up with the index rally, they are more easily shaken by price swings. And because they are buying stocks that have already run up, any short-term correction can feel especially painful.
Recently, the market has also seen single-stock leveraged and inverse products based on Samsung Electronics and SK hynix, giving investors more options. Those trying to ride the rally may expect bigger returns, but losses can also grow quickly if share prices turn lower.

Office worker B said, "I think it's already too late, but if I don't buy, I feel like I'll fall even further behind." He added, "At the same time, I hesitate because it already seems too expensive to get in now."

The KOSPI's move above 9,000 is highly symbolic for the market as a whole. But in an individual account, holdings and portfolio weight matter more. Even if the index rises 2%, your own stocks can still fall. And when the index pauses, only certain names may keep climbing.
What investors should look at is not the index itself, but whether their portfolios are overly concentrated in certain sectors or stocks. When large semiconductor names account for more than half of the index, it is hard to treat the KOSPI's gain as the average return of the entire market.

In the end, office worker A recently reorganized his watchlist. He decided to stop focusing only on the KOSPI and instead look separately at the earnings and industry trends of the stocks he owns. "When I only look at index news, I feel rushed, like I'm the only one not making money," he said. "From now on, I want to ask why I own these stocks before I ask how high the KOSPI is."


hsg@fnnews.com Han Seung-gon Reporter