The KOSPI, South Korea’s main stock index, has gone beyond the 7,000-point level.
As reported by the Korea Exchange on the 6th, the KOSPI started at 7,093.01, rising 2.25% compared to the last trading day, crossing the 7,000-point threshold right after the opening. This is the first instance in roughly two months, since the end of February, when conflicts between the U.S., Israel, and Iran were approaching a war.
The Korea Exchange stated that it triggered the eighth buy-side circuit breaker in the stock market this year. The KOSPI buy-side circuit breaker is a mechanism that halts the execution of automated trading buy orders for five minutes when KOSPI 200 futures increase by over 5% from the previous day within a single minute.
Leading domestic semiconductor companies Samsung Electronics and SK Hynix are boosting the index with significant increases. As of 9:03 a.m. on the same day, Samsung Electronics climbed 9.25% to 254,000 Korean won, while SK Hynix jumped 10.23% to 1,595,000 Korean won. Just one trading day after surpassing the ‘230,000-won Samsung’ and ‘1.4 million-won SK Hynix’ milestones on the 4th, they once again set new records.
This is linked to the effect of the New York stock market finishing higher the day before, with global oil prices dropping almost 4% due to hopes for a truce between the U.S. and Iran, while chip-related stocks maintained their robust growth driven by positive earnings outlooks. The S&P 500 and Nasdaq Composite increased by 0.81% and 1.03%, respectively, hitting new record peaks once more. The Philadelphia Semiconductor Index also surged 4.2%, attaining a historic high.
On that day’s stock market, retail and foreign investors drove the index higher, with net buy-ins of 221 billion South Korean won and 259.3 billion South Korean won, respectively.
The KOSDAQ began trading 0.59% higher at 1,220.90, as opposed to the last trading day. In the Seoul foreign exchange market, the won-to-dollar exchange rate opened the week at 1,465.8, an increase of 3.0 won.
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