AI boom drives a rally in buying of tech shares, pushing South Korea's Kospi to a record
Samsung Electronics and SK hynix drove the rally as the benchmark index hit 7,355.81 intraday, prompting a five-minute halt in program-driven futures buying.
- On Wednesday, the Korea Composite Stock Price Index soared to an all-time intraday high of 7,355.81, driven by robust investor demand for artificial intelligence-related technology stocks.
- Wall Street records set Tuesday fueled global optimism, as the Dow Jones Industrial Average and Nasdaq composite rallied on artificial intelligence-related stocks following an overnight boom in the United States.
- Semiconductor stocks led the rally in Seoul, as Top-cap Samsung Electronics surged 12.47 percent and Hynix soared 10.3 percent, while Hyundai Motor advanced 2.23 percent.
- As the index surpassed the 7,000 mark, the bourse operator issued a buy-side sidecar at 9:06 a.m. to halt program-driven orders for five minutes, as Employees at Hana Bank celebrated.
- President Donald Trump announced a pause in efforts to guide ships through the Strait of Hormuz to finalize a deal with Iran, while The Korean won traded at 1,457.6 against the dollar.
16 Articles
16 Articles
Samsung shares soar 14% as m-cap tops $1 trn; drives South Korea’s Kospi to record high
South Korea's Kospi index surged to a new record, propelled by a significant jump in Samsung Electronics' stock due to artificial intelligence growth expectations. Major chipmaker SK Hynix also saw substantial gains. Meanwhile, Wall Street markets reached all-time highs as oil prices eased and corporate profits exceeded forecasts.
Associated Press News
AI boom drives a rally in buying of tech shares, pushing South Korea's Kospi to a record
South Korea’s Kospi has soared nearly 7%, topping 7,000 for the first time, as Samsung Electronics' stock jumped nearly 13% in a rally driven by expectations of strong growth in artificial intelligence.
Seoul shares up 6% to over 7,300 late Wednesday morning on chip rally, hopes for peace in Middle East
Korean stocks traded 6 percent higher to stay above the unprecedented 7,300-point mark Wednesday led by strong gains in semiconductor shares and rising optimism for a peace deal between the United States and Iran. Opening 2.25 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) extended gains, adding 418.82 points, or 6.04 percent, to an all-time intraday high of 7,355.81 as of 11:20 a.m. With the surge, the bourse operator i…
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