Global Markets | South Korea's KOSPI rises to record high as chipmakers surge on export boom
South Korea's KOSPI index reached an all-time high, surpassing its previous peak, driven by a surge in chipmakers following robust export data. Semiconductor sales saw a significant increase, boosting investor sentiment ahead of key corporate earn...
By Reuters |
Reuters
South Korea's KOSPI stock index climbed more than 2% to an all-time high on Tuesday, underpinned by chipmakers, as robust export data and optimism ahead of corporate earnings lifted investor sentiment. The KOSPI benchmark climbed as much as 2.4% to 6,367.46, surpassing its previous record of 6,347.41 hit on February 27, a day before the Iran war erupted.
The KOSPI has risen 51% so far this year. Last year, the benchmark jumped 76%, the biggest since 1999.
Chipmaker SK Hynix climbed as much as 5.2% to a record, and Samsung Electronics rose as much as 2.6%, leading index gains following upbeat trade data. South Korea's exports rose 49.4% in the first 20 days of this month from a year-ago period, data showed on Tuesday, with semiconductor sales surging 182.5%.
"Just like yesterday, the focus of the domestic stock market today is on corporate earnings," said Seo Sang-young, an analyst at Mirae Asset Securities. SK Hynix, which supplies advanced chips to U.S. artificial intelligence chipmaker Nvidia, is scheduled to report its first-quarter results later this week, following Samsung Electronics' projection earlier this month that its first-quarter earnings would exceed its entire profit for last year. On a more than 80% rally so far this year, the market cap of SK Hynix topped $564.59 billion, closing in on the $569.6 billion valuation of chip equipment maker ASML, Europe's most valuable company.
SK Hynix also overtook Johnson & Johnson, the $555.64 billion pharmaceutical and consumer goods juggernaut, vaulting into the ranks of the top 20 most valuable companies, according to data provider CompaniesMarketCap. Among other heavyweights, battery maker Samsung SDI rallied 15.6% on Tuesday to its highest point since August 2023 on a deal with Mercedes-Benz, while peer LG Energy Solution climbed 9.9%. Shares of battery materials makers LG Chem and POSCO Holdings also gained 5.9% and 7.6%, respectively.
Foreigners were net buyers of shares worth 654 billion won ($444.26 million).
The won was quoted at 1,472.4 per dollar on the onshore settlement platform, 0.03% higher than its previous close at 1,472.8.
($1 = 1,472.1000 won)
The KOSPI has risen 51% so far this year. Last year, the benchmark jumped 76%, the biggest since 1999.
Chipmaker SK Hynix climbed as much as 5.2% to a record, and Samsung Electronics rose as much as 2.6%, leading index gains following upbeat trade data. South Korea's exports rose 49.4% in the first 20 days of this month from a year-ago period, data showed on Tuesday, with semiconductor sales surging 182.5%.
"Just like yesterday, the focus of the domestic stock market today is on corporate earnings," said Seo Sang-young, an analyst at Mirae Asset Securities. SK Hynix, which supplies advanced chips to U.S. artificial intelligence chipmaker Nvidia, is scheduled to report its first-quarter results later this week, following Samsung Electronics' projection earlier this month that its first-quarter earnings would exceed its entire profit for last year. On a more than 80% rally so far this year, the market cap of SK Hynix topped $564.59 billion, closing in on the $569.6 billion valuation of chip equipment maker ASML, Europe's most valuable company.
SK Hynix also overtook Johnson & Johnson, the $555.64 billion pharmaceutical and consumer goods juggernaut, vaulting into the ranks of the top 20 most valuable companies, according to data provider CompaniesMarketCap. Among other heavyweights, battery maker Samsung SDI rallied 15.6% on Tuesday to its highest point since August 2023 on a deal with Mercedes-Benz, while peer LG Energy Solution climbed 9.9%. Shares of battery materials makers LG Chem and POSCO Holdings also gained 5.9% and 7.6%, respectively.
Foreigners were net buyers of shares worth 654 billion won ($444.26 million).
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The won was quoted at 1,472.4 per dollar on the onshore settlement platform, 0.03% higher than its previous close at 1,472.8.
($1 = 1,472.1000 won)
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