After the KOSPI closed at the 6,200 level on the 20th, it successively broke through the 6,300 level on the 21st and the 6,400 level on the 22nd, and on the 23rd surpassed the 6,500 level for the first time ever. This is seen as due to the United States notifying Iran of an indefinite cease-fire and SK hynix announcing record quarterly results for the first quarter.
As of 9:10 a.m., the KOSPI was trading at 6,534.37, up 116.44 points (1.81%) from the previous trading day. Starting at 6,488.83, the index has been extending gains during the session on individual buying.
Individuals were net buyers of 224.3 billion won, lifting the index. Foreign investors and institutions were net sellers of 213.3 billion won and 20.9 billion won, respectively.
Geopolitical risk out of the Middle East appears to be easing somewhat. U.S. President Donald Trump said the previous day that after receiving a "unified negotiation plan" from the Iranian government, he would extend the cease-fire until talks conclude. However, Iran has not officially acknowledged it, leaving some uncertainty.
Global oil prices remain elevated. On the 22nd (local time), West Texas Intermediate (WTI) for June settled around $92 a barrel, and Brent for June settled around $101.
With SK hynix posting record results, market attention is shifting to corporate earnings. Before the market opened, SK hynix disclosed that for the first quarter this year it recorded revenue of about 53 trillion won and operating profit of 37 trillion won. Those figures rose 198% and 405.5%, respectively, from a year earlier. The operating margin was 71.5%, surpassing Taiwan's TSMC first-quarter operating margin of 58.1%.
By individual stock, SK hynix was up nearly 2%, while Samsung Electronics gained nearly 4% and was trading around 225,000 won. Samsung Electronics preferred (4.82%) and SK Square (2.08%) were also rising.
At the same time, the KOSDAQ was trading at 1,182.74, up 0.14% from the previous trading day. Individuals were net buyers of 150.5 billion won, lifting the index, but foreign investors and institutions were net sellers of 96.1 billion won and 52.2 billion won, respectively, keeping gains in check.
Meanwhile, New York stocks closed higher across the board the previous day. The Nasdaq rose 1.65%, and the Dow Jones Industrial Average rose 0.69%. In particular, the S&P 500 climbed 1.05% to finish at 7,137.9, setting a record high again.