[UBS lowered its forecast for South Korea's KOSPI index from 8,800 points to 8,000 points due to factors such as interest rates, oil prices, and exchange rates that affect profits] On September 21, UBS lowered its 12-month target for the South Korean stock market KOSPI index by 9% because rising interest rates, rising oil prices, and a stronger local currency will affect corporate profits. The forecast is lowered from 8,800 points to 8,000 points; the KOSPI index's upside/down targets are 9,200 and 5,100 respectively. "While the KOSPI still has considerable room for upside, we believe the index is likely to remain range-bound until the upcoming Q3/Q4 earnings season can provide a clearer picture of earnings sustainability and shareholder return plans," analysts including Yong-Suk Son wrote in a note on Friday. The headwinds in the foreign exchange market have not yet been fully reflected in the market, given the subdued activity by foreign and retail investors and easing market liquidity, given the sharp appreciation of the Korean won.