Together, the princesses account for more than 18% of the Kospi Index, promising to overtake the ultimate blue chip, Samsung Electronics Co as the dominant market mover.
MANY have marveled at how the US stock market has become dominated by Big Tech. Just a handful of companies – captured by acronyms such as FANG, FAANG and even FANGMAN – have emerged as winners in the Covid-19 world.
This is by no means a phenomenon unique to the US. In South Korea, investors have crowded into what’s known locally as the seven princesses: two biotechs, two electric-vehicle battery makers and three internet companies. On average, they have rallied about 90% this year, outperforming FAANG stocks (Facebook Inc, Apple Inc, Amazon Inc, Netflix Inc and Google parent, Alphabet Inc). Together, the princesses account for more than 18% of the Kospi Index, promising to overtake the ultimate blue chip, Samsung Electronics Co as the dominant market mover.
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