The KOSPI index broke through the 7,870 level intraday, leaving only 130 points to reach 8,000. Buoyed by the KOSPI rally, the total market capitalization of Korea's stock market topped 7,000 trillion won for the first time. It took eight trading days after surpassing 6,000 trillion won.
As of 11:27 a.m. on the 11th, the KOSPI index was up 4.54% from the previous trading day at 7,838.64. The KOSPI started the day at 7,775.31, up 227.31 points (3.70%) from the previous trading day, and has been extending gains. It rose as high as 7,876.60 intraday.
The size of Korea's stock market is also expanding quickly. According to the Korea Exchange (KRX), as of 10:08 a.m. that day, the combined market capitalization of the KOSPI and KOSDAQ was tallied at 7,037 trillion 7,977 billion won.
By market, KOSPI market capitalization was 6,367 trillion 6 billion won, and KOSDAQ market capitalization was 670 trillion 7,971 billion won. On the KOSPI, large-cap semiconductor stocks led the index higher, while on the KOSDAQ, strength continued centered on secondary battery and biotech names.
In the main board, individuals and pension funds were net buyers of 1.294 trillion won and 213.8 billion won, respectively, driving the index higher. Foreign investors alone were net sellers of more than 2 trillion won.
Samsung Electronics and SK hynix, which hit record highs, were up in the 6% and 11% ranges, expanding gains from early trading. On news that Korea and the United States launched the "Korea-U.S. Shipbuilding Partnership Initiative" (KUSPI), shipbuilding stocks such as Samsung Heavy Industries (5.63%) and HD Korea Shipbuilding & Offshore Engineering (4.54%) were also strong.
In addition, Kolmar Korea, which released record quarterly results for the first quarter, was up more than 8%. APR, COSMAX, and d'Alba Global were also rising on expectations of broader momentum across cosmetics stocks.
At the same time, the KOSDAQ index was down 0.36% (4.34 points) from the previous trading day at 1,205.83.
In the KOSDAQ market, while individuals and foreign investors were net buyers of 125 billion won and 88.1 billion won, institutions were net sellers of 182 billion won. Foreign investors, who showed selling in early trading, switched to net buying at around 10 a.m. that day.
Among the top KOSDAQ market-cap stocks, moves were mixed. Rainbow Robotics, Kolon TissueGene, LEENO Industrial, and Jusung Engineering were rising, but EcoPro BM, the No. 1 by market cap, as well as EcoPro, Alteogen, Sam Chun Dang Pharm, and HLB were falling.
Meanwhile, Japan's Nikkei 225 also broke through the 63,000 level as semiconductor stocks showed strength, setting an intraday record high.
Nihon Keizai Shimbun said, "On the weekend, the U.S. stock market rose led by high-tech stocks, supporting buying sentiment," and added, "In the Tokyo market, buying was concentrated in artificial intelligence and semiconductor-related stocks such as SoftBank Group."