The KOSPI hit a record high as individual stocks including Samsung Electronics (005930.KS) and SK hynix (000660.KS) continued their march to 52-week highs.
The KOSPI closed at 6,388.47 on Monday, up 169.38 points or 2.72% from the previous session, making history, according to the Korea Exchange. The index simultaneously broke both the previous record closing high of 6,307.27 and the intraday high of 6,347.41, set on February 26 and 27, respectively. The KOSPI's market capitalization reached an all-time high of 5,236 trillion won ($3.8 trillion). Despite geopolitical risks in the Middle East, the index posted a 26.4% gain in April, the highest among the Group of 20 (G20) economies.
A total of 39 stocks on the KOSPI market hit 52-week highs at least once during intraday trading this month. This represents more than a 1.5-fold increase from 25 stocks in the previous month, when the market was dampened by the fallout from the Middle East war. SK hynix closed at 1.224 million won, up 4.97%, while Samsung Electronics rose 2.1% to 219,000 won, marking a record closing high. SK Square (402340.KS), the intermediate holding company of SK hynix, surpassed 700,000 won on a closing basis for the first time the previous day, and Samsung Electro-Mechanics (009150.KS) extended its rally for a 10th consecutive trading session, jumping 13.53% to close at 772,000 won.
New highs have emerged across a wide range of sectors, including Doosan (000150.KS), LG Innotek (011070.KS), LS Eco Energy (229640.KQ), APR (278470.KS), SK Telecom (017670.KS), DL E&C (375500.KS), LS ELECTRIC (010120.KS), and SK Eternix (457190.KS), with the upward momentum spreading across the broader market.
The rally coincides with an inflow of foreign capital. According to the Korea Exchange, foreign investors recorded net sales of 21.1 trillion won in February and 35.9 trillion won in March this year, but turned to net buying of about 5.4 trillion won in April. In particular, between April 1 and 21, foreigners net purchased about 5.6 trillion won worth of electrical and electronics stocks, along with buying in chemicals (1.1 trillion won) and machinery and equipment (500 billion won) sectors.
"The development of the artificial intelligence (AI) industry and improved semiconductor earnings are positive factors, but profit-taking demand following the short-term surge and uncertainty in the Middle East region are negative factors," a Korea Exchange official said.
