South Korea's benchmark KOSPI index surpassed the 7,000 mark for the first time, with its overwhelming rally even spawning memes among overseas investors depicting a shift from cryptocurrencies to Korean stocks.
◇ Intraday Breakthrough of 7,000 Triggers 8th Sidecar of the Year
According to the Korea Exchange (KRX) on the 6th, the KOSPI opened at 7,093.01, up 2.25% from the previous trading day, breaking through the 7,000 level for the first time during intraday trading. It marks the first such milestone in about two months, since late February when concerns grew over a potential war between the United States, Israel, and Iran.
As the index surged, the Korea Exchange triggered the eighth buy-side sidecar of the year on the KOSPI market. The measure, which suspends the execution of program trading buy orders for five minutes, was activated after KOSPI 200 futures rose more than 5% from the previous trading day for over one minute.
The rally is being led by Korea's "semiconductor duo," Samsung Electronics (005930.KS) and SK hynix (000660.KS). As of 9:03 a.m., Samsung Electronics traded at 254,000 won, up 9.25%, while SK hynix climbed 10.23% to 1.595 million won. The figures represent fresh records set just one trading day after the two stocks had broken the 230,000-won and 1.4 million-won marks, respectively, on the 4th.
Analysts attribute the move to the momentum from the New York market, where the Philadelphia Semiconductor Index surged 4.2% to a record high. Amid a plunge in international oil prices on hopes of a U.S.-Iran ceasefire the previous day, semiconductor stocks extended their strength, sending the S&P 500 up 58.47 points (0.81%) to 7,259.22 and the Nasdaq Composite up 258.32 points (1.03%) to 25,326.13.
◇ "My Friends Trade Korean Stocks Sunday Night"… Global Buzz Grows
Overseas investors are also turning their attention to Korea.
Robert Leshner, founder of the cryptocurrency lending platform Compound, posted on his social media account on the 4th (local time), "All my friends who used to trade crypto now trade Korean stocks at 11 p.m. on Sunday nights," underscoring the fervor surrounding Korean equities. Given that the KOSPI opens at 9 a.m. Korean time — equivalent to 8 p.m. the previous day in New York — the post suggests that the Korean market has become a hot topic among overseas investors as well.
A meme reflecting this sentiment is also spreading. The image shows a figure in a McDonald's uniform turning away from the cryptocurrency market, represented by a declining graph and a Bitcoin logo, and walking toward a door labeled "KOSPI."
In front of the door are logos of flagship Korean companies including Samsung Electronics, SK hynix, Hyundai Motor (005380.KS), and Naver (035420.KS). The threshold bears phrases such as "LONG-TERM VALUE," "STABILITY," and "GROWTH." The meme captures the mood of capital migrating from volatile cryptocurrencies to Korean large-cap stocks backed by earnings and growth potential.
Meanwhile, the KOSDAQ index also opened 0.59% higher at 1,220.90. In the Seoul foreign exchange market, the won-dollar rate began daytime trading at 1,465.8 won. On the demand side, combined buying by retail investors (221 billion won) and foreign investors (259.3 billion won) is providing strong support for the index.
