EV investment frenzy drives Kosdaq to break market cap record again

[Courtesy of EcoPro]

The electric vehicle (EV) battery investment frenzy has driven the market capitalization of the tech-heavy Kosdaq market to an all-time high of over 458 trillion won ($358 billion) right after the opening bell on Wednesday.

The surge in market cap has comfortably exceeded the previous record of 454.57 trillion won set on the previous day’s closing. The soaring interest in EV battery investments propelled EcoPro BM, the most expensive company in the bourse, to exceed 50 trillion won in market cap for the first time.

EcoPro BM’s market cap is second only to Samsung Biologics worth 51.38 trillion won, the sixth-largest company on the main Kospi market.

EcoPro BM shares surged over 10 percent on Wednesday morning, reaching a new all-time high of 529,000 won.

The company’s affiliate EcoPro also experienced a significant surge, hitting an intraday peak of 1,444,000 won, leading to a market cap of over 37.6 trillion won. This figure puts it ahead of Kia and close to Hyundai Motor’s market cap of 41.71 trillion won, both listed on the in the Kospi market.

Collectively, the market cap of EcoPro BM and EcoPro stands at a staggering 88 trillion won.

L&F, another EV battery-related stock, also surpassed 10 trillion won in market cap and is vying for the third spot with Celltrion Healthcare.

Currently, four companies, including EcoPro BM, EcoPro, L&F, and Celltrion Healthcare, dominate the Kosdaq market with market caps exceeding 100 trillion won.