Stock Market Beams with Smiles On the 27th, the electronic board in the dealing room of Shinhan Bank in Jung-gu, Seoul displays the domestic stock market capitalization, which exceeded KRW 6,000 trillion for the first time. On this day, the KOSPI closed at 6,615.03, up 2.15% from the previous trading day. During intraday trading, it surged to as high as 6,657.22, setting new records for both intraday and closing highs. Photo by reporter Han-Gyeol Lee always@donga.com
The KOSPI on the 27th surpassed the 6,600 level for the first time in history. The combined market capitalization of companies listed on the KOSPI and KOSDAQ exceeded KRW 6,000 trillion for the first time. The market capitalization of the Korean stock market has expanded to about 2.3 times the nominal gross domestic product (GDP, KRW 2,663 trillion). As U.S. big tech (large information technology companies) such as Alphabet (Google), Microsoft, and Meta release their earnings one after another this week, the artificial intelligence (AI) rally has accelerated, driving sharp gains in domestic beneficiary stocks.
On the day, the KOSPI closed at 6,615.03, up 2.15% from the previous trading day. It climbed as high as 6,657.22 during intraday trading, renewing its record highs on both an intraday and closing basis. Institutional investors made net purchases of KRW 1.1 trillion, and foreign investors net bought KRW 890 billion, pushing the index higher. The KOSDAQ index ended trading at 1,226.18, up 1.86% from the previous session. As of the closing price that day, the combined market capitalization of the KOSPI and KOSDAQ stood at KRW 6,104 trillion.
Share prices of semiconductors, power equipment, and other stocks within the AI value chain rose sharply. Samsung Electronics gained 2.28% to close at KRW 224,500, and SK hynix climbed 5.73% to end at KRW 1,292,000, marking a new all-time high. Based on its market capitalization in U.S. dollar terms, SK hynix reached about USD 620 billion (around KRW 912 trillion), overtaking ExxonMobil (USD 618.9 billion) to rank 16th in the world. The three major power equipment companies—HD Hyundai Electric (+4.65%), LS ELECTRIC (+12.85%), and Hyosung Heavy Industries (+10.95%)—also showed strong performances.
Lee Hyo-seob, a research fellow at the Korea Capital Market Institute, stated, “The improvement in corporate earnings centered on semiconductors and continued net buying by foreign investors are positive for the stock market,” but added, “Whether big tech firms continue their AI investments and whether the war in the Middle East comes to an end remain variables.”
ⓒ dongA.com. All rights reserved. Reproduction, redistribution, or use for AI training prohibited.
Popular News
About Dong-A Ilbo