Despite war risk between the United States and Iran, 8 out of 10 retail investors who sold South Korean stocks in the first quarter made a profit.

Shinhan Investment said on May 11 that its analysis of retail investors who sold domestic stocks in the first quarter of 2026 showed many realised profits despite external uncertainty.

The KOSPI moved above 6,000 in February. A U.S.-Iran war broke out in late February, but 80 percent of clients who sold domestic stocks in the first quarter posted gains.

The average profit among profit-making clients was 8.48 million won. Loss-making clients accounted for 20 percent, with an average loss of 4.96 million won.

Average monthly profit was highest in January at 6.92 million won, followed by February at 5.94 million won and March at 3.98 million won. The average profit fell in March due to the war impact, the analysis showed. Among loss-making clients, the average loss was largest in March at 4.49 million won.

In the first-quarter KOSPI market, Samsung Electronics was the stock that delivered profits to the largest number of retail investors. It was also the stock with the most clients who experienced losses.

Among clients who sold Samsung Electronics, profit-making clients posted an average gain of 7.14 million won. The average loss among loss-making clients was 1.73 million won.

SK Hynix ranked next for the number of profit-making clients after Samsung Electronics. The average profit for SK Hynix profit-making clients was 5.94 million won. It was followed by Doosan Enerbility at 2.06 million won, Hyundai Motor at 3.41 million won and Hanmi Semiconductor at 2.54 million won.

Among stocks with the most loss-making clients, Hyundai Motor followed Samsung Electronics, then SK Hynix, Doosan Enerbility and Hanwha Solutions. Average losses by stock were 1.37 million won for Hyundai Motor, 2.46 million won for SK Hynix, 590,000 won for Doosan Enerbility and 810,000 won for Hanwha Solutions.

Shinhan Investment analysed that large-cap stocks such as semiconductors, nuclear power and defence, which led the first-quarter KOSPI rise, provided profit opportunities for retail investors but also generated losses in periods of increased volatility.

In the KOSDAQ market, retail investor performance diverged sharply even within the same stock.

In the first-quarter KOSDAQ market, Woori Technology delivered profits to the largest number of clients. The average profit for Woori Technology profit-making clients was 2.36 million won. It was followed by Ecopro at 2.50 million won, Hurim Robot at 1.40 million won, Alteogen at 2.09 million won and Jeju Semiconductor at 1.04 million won.

Hurim Robot had the largest number of clients who experienced losses among KOSDAQ stocks. The average loss for Hurim Robot loss-making clients was 700,000 won. It was followed by Woori Technology at 570,000 won, Ecopro at 1.04 million won, Alteogen at 2.58 million won and Hyundai Movex at 900,000 won, based on the number of loss-making clients.

KOSDAQ stocks with strong thematic characteristics such as robots, biotech and secondary batteries showed wide differences in outcomes among retail investors depending on trading timing and investment strategy.

By gender, male investors posted higher average profits than female investors. Among retail investors who sold domestic stocks in the first quarter, the average profit was 7.39 million won for men and 3.86 million won for women.

By age group, average profits rose with age. Investors aged 70 and older posted the highest average profit at 18.73 million won. It was followed by those in their 60s at 10.11 million won, 50s at 7.32 million won, 40s at 3.98 million won, 30s at 2.21 million won and 20s at 1.43 million won.

Shinhan Investment explained that profit-taking in domestic stocks was pronounced in the first quarter, centred on male clients and those aged 50 and older.

A Shinhan Investment official said, "This analysis confirmed a trend in which retail investors actively moved to realise profits using domestic stocks as the domestic market continued its record-high run."