The KOSPI surpassed the 9,000 mark intraday for the first time ever on the 18th. Buoyed by strength in large-cap semiconductor stocks, Korea's stock market set a new milestone as it continued to notch record highs day after day.
According to the Korea Exchange (KRX), the KOSPI crossed the 9,000 mark at about 12:52 p.m. It is the first time since the index was created that the KOSPI has reached 9,000 intraday.
After closing at a record high of 8,864.24 the previous day, the KOSPI opened at 8,884.92 and extended gains. As of 1:21 p.m., the KOSPI was trading at 9,022.42, up 158.18 points (1.78%) from the previous session.
Semiconductor stocks led the gains. SK hynix rose as high as 2,695,000 won intraday to hit another all-time high, while Samsung Electronics advanced more than 2%. Expectations for expanding demand for artificial intelligence (AI) chips and high bandwidth memory (HBM) continued, concentrating buying in related names.
Overnight, U.S. stocks finished lower. At the first Federal Open Market Committee (FOMC) meeting since new Fed Chair Kevin Warsh took office, the possibility of a rate hike within the year was raised, weighing on investor sentiment. The Dow Jones Industrial Average, the Standard & Poor's (S&P) 500, and the Nasdaq all ended in negative territory. However, the domestic market is extending gains on semiconductor strength.
News of cease-fire talks between the United States and Iran also helped lift sentiment and support the index's rise.
On the flows side, individual investors and pension funds led the market with buying. In the main board, individuals are net buying more than 500 billion won, while foreigners are net selling about 580 billion won. Pension funds are also net buying nearly 400 billion won.
The KOSPI first topped the 8,000 mark intraday on May 15 and climbed to the 9,000 level in about a month.
However, beneath the index's rise, polarization by stock is pronounced. On the KOSPI market, only about 100 stocks gained, while more than 800 declined. A handful of large caps such as semiconductors are lifting the index, but many stocks are weakening.
The KOSDAQ, by contrast, showed a sluggish trend. As of the same time, the KOSDAQ index fell 33.27 points (3.22%) to 998.69, slipping below the 1,000 mark. With foreigners and institutions turning net sellers together, most of the top market-cap names fell.