DB Securities analyzed on the 18th that U.S. stocks face uncertainty in the second half of this year, and if they decline, domestic stocks could also fall. However, it forecasted that domestic stocks could move differently after declining until a certain point.
Kang Hyun-gi, a researcher at DB Investment Securities, stated in a brief commentary ahead of the report titled "2025 Second Half Stock Market Outlook: The Law of Universal Gravitation" to be published on the 19th that "the U.S. stock market holds high valuations and low fundamentals."
Moreover, he added that "this year's first half saw the U.S. stock market experience sharp drops and rises due to the tariff policy of the Trump administration, but in the future, the stock market will be positioned by a greater force that overcomes tariffs."
Researcher Kang predicted that if the U.S. stock market declines, the Korean stock market could also be affected. However, he also estimated that it would stop falling at a certain point and move differently from the U.S. stock market.
He mentioned that "the increase in the export price index and the potential decline in the terms of trade index are putting pressure on the domestic stock market," but added that "excluding the period of the International Monetary Fund (IMF) financial crisis, the domestic stock market has maintained a trailing price-to-book ratio (PBR) of 0.75 times, and from this point onward, it could show different movements while moving sideways."