South Korea’s benchmark Kospi index surged past the 7,000 level for the first time on Aug. 6, reaching a record high just 70 days after topping 6,000, as a rally in artificial-intelligence-related semiconductor shares fueled a broad market advance.
The Kospi closed up 6.45% at 7,384.56 after opening above 7,000 at the start of trading. The benchmark later climbed as high as 7,426.60 during the session, setting a new intraday record.
A buy-side sidecar trading curb was triggered at 9:06 a.m., marking the 14th sidecar activation in the Kospi market this year and the seventh tied to buying pressure.
Foreign investors bought a net $22.7 billion worth of shares on the main exchange, while retail and institutional investors sold a net $4.2 billion and $16.7 billion, respectively.
Technology stocks led the gains as investors piled into companies linked to AI infrastructure and data-center demand. The electronics sector rose 10.97%, while brokerage shares jumped 13.49%.
Samsung Electronics Co. surged 14.41% to about $191 a share, lifting its market capitalization above $1.1 trillion and making it the second Asian company to surpass the $1 trillion threshold. The stock briefly touched a record high during intraday trading.
SK hynix Inc. climbed 10.64% to roughly $1,150 a share after hitting an all-time high earlier in the session. The chipmaker has emerged as one of the biggest beneficiaries of rising demand for high-bandwidth memory chips used in AI servers.
SK Square Co., which owns a stake in SK hynix, gained 9.89%, pushing the stock into South Korea’s so-called “emperor stock” category, a designation for shares trading above the equivalent of about $700.
Analysts said strong earnings from global technology companies and improving South Korean export data reinforced expectations for continued growth in the AI data-center supply chain.
“The rally was driven by sharp gains in Samsung Electronics, SK hynix and SK Square, which together account for a substantial portion of the market’s capitalization,” said Lee Kyung-min, an analyst at Daishin Securities. “Momentum across the AI data-center value chain strengthened following robust earnings from global technology firms and improving Korean exports.”
Not all sectors joined the rally. Real-estate and entertainment shares fell 4.13% and 3.78%, respectively, while telecommunications and several consumer-related sectors also declined.
The Kosdaq, South Korea’s tech-heavy secondary exchange, slipped 0.29% to 1,210.17 after reversing earlier gains. Foreign and institutional investors were net sellers, while retail investors bought shares.
Among Kosdaq-listed companies, biotech and precision-equipment stocks weakened, while battery-related shares advanced. EcoPro BM Co. rose 6.03%, and EcoPro Co. gained 4.49%.
The South Korean won strengthened against the U.S. dollar, with the exchange rate closing at 1,455.1 won per dollar, compared with 1,462.8 won in the previous session.
