On the 22nd, when the KOSPI index again hit a record high, SK hynix overtook Samsung Electronics to become the new "market bellwether" (No. 1 by market capitalization) in Korea's stock market. A global artificial intelligence (AI) investment boom has shaken up Korea's equities. It is the first time in 27 years, since 1999, that Samsung Electronics has ceded the top market cap spot.
The KOSPI ended up 62.18 points (0.69%) at 9,114.60. It rewrote the closing record high (9,063.84 on the 18th) achieved last week in just two trading days. After opening lower, the KOSPI slid to the 8,900-point range right after the open but soon reversed higher, at one point reclaiming the 9,250-point level intraday.
SK hynix led the index higher. SK hynix jumped 5.6% to 2,919,000 won, closing at a record high. SK Square also rose 8.9%, nearing 2,000,000 won. By contrast, Samsung Electronics edged down.
With SK hynix and Samsung Electronics moving in opposite directions, the market's bellwether also changed. On a common-share basis, SK hynix's market cap reached 2,068 trillion won, surpassing Samsung Electronics' 2,060 trillion won for the first time. Including preferred shares, Samsung Electronics still has the larger market cap, but on a common-share basis, Samsung Electronics relinquished the "throne" for the first time in 27 years.
According to trade statistics Korea Customs Service released that morning, exports from the 1st to the 20th once again hit an all-time high. Exploding semiconductor exports drove the gain. As expectations grow for a semiconductor supercycle, the outlook for a U.S. listing (ADR) of SK hynix shares also buoyed investor sentiment.
Over the weekend, the United States and Iran appeared to clash during talks to end the war, but analysis gained traction that the two countries will ultimately end the conflict. Household funds poured in. Based on the combined totals from the Korea Exchange (KRX) and NEXTRADE (NXT), individuals were net buyers of more than 3 trillion won in the main board. In financial investment, where exchange-traded funds (ETFs) that attract significant individual money are tallied, buying exceeded selling by 560 billion won.
Foreign investors, meanwhile, were net sellers of more than 3.4 trillion won, and the national pension funds were also net sellers by more than 180 billion won.
A "concentration market" centered on large-cap semiconductors is intensifying. While SK hynix and SK Square surged, most other top market-cap names fell. Samsung C&T closed higher, but Samsung Electro-Mechanics, Hyundai Motor, Samsung Life Insurance, and LG Energy Solution declined.
The KOSDAQ ended slightly higher. As the KOSPI rose, the KOSDAQ, which had dipped intraday, finished up 1.81 points (0.19%) at 968.40.