One out of every 10 Korea Composite Stock Price Index (KOSPI) listings set a new 52-week high this year. Funds have continued to flow into the market amid a New Year KOSPI rally.
According to Korea Exchange (KRX) on the 18th, 117 KOSPI-listed stocks set intraday 52-week highs from the start of the month through the 16th. About 13% of all listings (929) hit new highs.
As expectations for a semiconductor upcycle continued, Samsung Electronics, considered the flagship KOSPI semiconductor stock, rose intraday to 149,500 won on the 16th, setting both a 52-week high and an all-time high.
SK hynix, the No. 2 by market capitalization on the KOSPI, also set a new high for the past year on the 8th. It climbed intraday to 788,000 won, marking not only a 52-week high but an all-time high.
Securities shares joined the new-high list amid a buoyant market. Representative examples include Mirae Asset Securities (on the 16th at 32,600 won) and Kiwoom Securities (on the 15th at 338,000 won), which set new highs for the past year this month.
With geopolitical tensions rising over the Venezuela situation and the possibility of a U.S. strike on Iran, defense stocks also logged a string of new highs. On the 15th, Hanwha Aerospace shares climbed to 1,329,000 won per share.
Automakers such as Hyundai Motor and Kia also drew attention. A robot unveiled by Hyundai Motor at CES, the world's largest IT and home appliance exhibition, garnered worldwide attention, serving as a positive catalyst.
As large-cap KOSPI names led a march to new highs, the KOSPI index also closed at a record high day after day. On the 16th, it even broke through the 4,800 mark for the first time ever, drawing close to the "Ocheonpi" (KOSPI 5000) era.
In the securities industry, some expect the 5,000 milestone could be reached as early as this month. Momentum is building especially as legislative discussions accelerate on the government's third amendment to the Commercial Act centered on mandating treasury share cancellations.
A source at a securities firm said, "Rotations centered on sectors undervalued relative to earnings are supporting the KOSPI's upward trend," adding, "However, there is a need to be mindful of increased volatility."