South Korea’s KOSPI rises to record high as chipmakers surge on export boom
- The KOSPI benchmark climbed as much as 2.3% to 6,361.17 in morning trade
SEOUL: 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 2.3% to 6,361.17 in morning trade, surpassing its previous record of 6,347.41 hit on February 27, a day before the Iran war erupted.
Chipmaker SK Hynix climbed as much as 5.2% to an all-time high 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, as semiconductor sales surged 182.5%.
Overnight, US stocks closed lower amid uncertainty over a two-week ceasefire between the US and Iran.
Tehran is considering attending peace talks with Washington in Pakistan, following moves by Islamabad to end a US blockade of Iran’s ports.
“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 US artificial intelligence chipmaker Nvidia, is scheduled to report its first-quarter result later this week, following Samsung Electronics’ projection earlier this month that its first-quarter earnings would exceed its entire profit for last year.
Among other heavyweights, battery maker Samsung SDI rallied 15.6% 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 gained 5.9% and 7.6%, respectively, while Hyundai Motor and sister automaker Kia Corp climbed more than 1% each.
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.
The most liquid three-year Korean treasury bond yield fell 0.4 basis points to 3.337%, while the benchmark 10-year yield fell 2.2 basis points to 3.668%.
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