The KOSPI index once again set a record high. After the U.S. Supreme Court ruled over the weekend that the reciprocal tariff imposed by the Donald Trump administration on trading partners was unlawful, uncertainty eased and the rally continued. It was the third straight trading day of gains.
On the 23rd, the KOSPI index closed at 5,846.09, up 37.56 points (0.65%) from the previous session. The KOSPI index topped 5,900 intraday for the first time ever. In early trading, it rose above 5,931 points, leaving just 70 points to the new milestone of "6,000p." However, as profit-taking orders emerged during the session, the index pared gains.
While foreigners were net sellers of more than 1 trillion won, the national pension also showed a selling bias of nearly 300 billion won. Foreigners were also net sellers of 500 billion won in KOSPI200 futures. What lifted the index was retail money. On the Korea Exchange that day, individuals were net buyers of more than 1 trillion won.
On the 20th (local time), the U.S. Supreme Court found that the reciprocal tariff Trump imposed last year on major trading partners exceeded presidential authority. In response, President Trump signed an executive order imposing a 10% global tariff on all countries starting on the 24th, then immediately raised the tariff level to 15%.
The Trump administration's tariff policy is uncertain, but the domestic stock market judged that uncertainty had decreased due to the Supreme Court's ruling. A securities industry official said, "In the recent bull market mood, investors are reflecting positive news more strongly."
Although gains narrowed as risk-off sentiment grew with declines in U.S. stock index futures and bitcoin, foreigners continued selling in the domestic market as the won-dollar exchange rate fell.
Although the rise narrowed, Samsung Electronics, SK hynix, and Hyundai Motor—the top three by market capitalization on the Korea Exchange—all closed higher. Samsung Electro-Mechanics and LG Electronics, which benefited from artificial intelligence (AI) demand, also jumped sharply.
By contrast, the KOSDAQ market ended slightly lower. The KOSDAQ index opened higher but turned lower in the morning and finished at 1,151.99, down 2.01 points (0.17%).