The KOSPI index hit another record high on the 27th, but the tilt toward large semiconductor stocks deepened. Samsung Electronics and SK hynix lifted the index, but about 90% of issues on the main board fell, leading to assessments that a "K-shaped polarization" market stood out.
The KOSPI closed at 8,228.70, up 181.19 points (2.25%) from the previous session. During the session, it soared to the 8,450 level to set a new record high. However, according to the Korea Exchange (KRX), only 75 stocks rose on the main board, while 826 declined.
In effect, large semiconductor stocks led the index higher. Samsung Electronics closed at 307,000 won, up 2.68% on the day, and SK hynix jumped 9.31% to 2,243,000 won. During the session, they climbed to 330,000 won and 2,358,000 won, respectively, marking fresh highs.
The first listings of single-stock leveraged ETFs for Samsung Electronics and SK hynix are also cited as a factor that intensified the concentration of flows. Following strength in semiconductor stocks on U.S. markets, the influx of related ETF funds further focused investor sentiment on semiconductors, analysts said.
Based on the close, the combined market capitalization of Samsung Electronics and SK hynix was tallied at 3,393 trillion won (Samsung Electronics 1,795 trillion won, SK hynix 1,599 trillion won). That amounts to 50.4% of the total market cap on the main board, the first time the two stocks have exceeded 50%.
The KOSDAQ market, by contrast, plunged. The KOSDAQ index ended the day at 1,133.13, down 39.39 points (3.36%). On KOSDAQ, only 192 stocks rose, while more than 1,500 fell.