The KOSPI index set another record high on the 17th on a closing basis. SK hynix topped 2.5 million won for the first time ever, leading the index higher. Caution over the first Federal Open Market Committee (FOMC) meeting to be chaired by new Federal Reserve Board Chair Kevin Warsh, scheduled for tonight Korea time, also failed to derail the rally in Korea's stock market.

Closing figures including the KOSPI are displayed on the electronic board in the dealing room at the Hana Bank headquarters in Jung-gu, Seoul, on the 16th. The KOSPI closes at 8,864.24, up 137.64p (1.58%) from the previous session; the KOSDAQ at 1,031.96, up 13.28p (1.30%); and in the Seoul foreign exchange market, the dollar-won rate records 1,513.4 won, up 1.8 won from the 3:30 p.m. weekly close the previous day. /Courtesy of News1

The KOSPI index closed at 8,864.24, up 1.58% (137.64 points) from the previous day. It easily surpassed the record high (closing 8,801.49) set on the 2nd. After opening lower, the KOSPI turned higher intraday on buying by individual and institutional investors.

In the main board, individuals bought more than 1 trillion won and institutions were net buyers of 633.5 billion won. Foreign investors were net sellers of more than 1.5 trillion won, but their selling eased somewhat in the afternoon.

Researcher Kang Jin-hyeok at Shinhan Investment & Securities said, "The index opened lower as the new Fed chair Warsh's first FOMC and the simultaneous expiration of futures and options dampened sentiment, but as large-cap semiconductor stocks rose, the index set a new record high again."

Large-cap semiconductor stocks led the main board again that day. As profit-taking emerged in U.S. semiconductor stocks overnight, domestic large-cap semiconductor names also opened lower but managed to reverse higher.

In particular, SK hynix surged nearly 6%, breaking above the 2.5 million won level to hit an all-time high. SK Square also jumped, marking a 52-week high. Samsung Electronics, which had been down intraday, reversed higher and finished with gains of more than 1%.

With the Special Act on Investment in the United States set to take effect on the 18th, shipbuilding and nuclear power stocks such as HD Hyundai Heavy Industries and Doosan Enerbility also rallied on expectations for $350 billion in deployments.

The KOSDAQ market was also strong. The KOSDAQ index closed at 1,031.96, up 1.30% (13.28 points) from the previous day.

Foreign investors led the KOSDAQ market that day. While individuals and institutions were net sellers of 89 billion won and 14 billion won, respectively, foreign investors alone were net buyers of 92.4 billion won.

Kang said, "With the KOSDAQ segment advisory panel of the Korea Exchange (KRX) launched the previous day and the 30th anniversary event scheduled for Jul. 1, expectations for revitalization policies such as discussions on introducing a promotion and relegation system continue."

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