South Korea’s stock market soared to an unprecedented high on Thursday, with the benchmark Kospi index pushing towards a historic 8,000-point milestone. This significant rally was fueled by strong performances from large-cap shares, taking cues from an overnight surge on Wall Street, particularly driven by major technology companies.
The Korea Composite Stock Price Index (Kospi) began trading 0.38 percent higher, quickly accelerating to add 71.25 points, or 0.91 percent, reaching a fresh peak of 7,915.26 by 9:15 a.m. This robust opening reflected a bullish sentiment in the Seoul exchange, mirroring the record highs achieved by leading US indexes.
Overnight, Wall Street’s momentum was largely attributed to a boost in blue-chip technology stocks. The tech-heavy Nasdaq composite index closed 1.2 percent higher, while the S&P 500 gained 0.58 percent. In contrast, the Dow Jones Industrial Average saw a slight dip of 0.14 percent.
Investors on Wall Street were primarily energized by news that executives from prominent tech giants, including artificial intelligence chip powerhouse Nvidia, Tesla, and Apple, joined US President Donald Trump’s business delegation heading to Beijing. This positive development overshadowed ongoing concerns regarding limited progress in peace discussions between the United States and Iran, and even dismissed anxieties over a faster-than-expected rise in April’s US producer prices, a crucial indicator for inflation.
Back in Seoul, several market-leading corporations demonstrated strong gains. Chipmaking behemoth Samsung Electronics saw its shares climb 1.76 percent, while rival SK hynix edged up 0.2 percent. Auto industry giant Hyundai Motor advanced 1.27 percent, and its affiliate Hyundai Mobis, a key auto parts manufacturer, jumped an impressive 4.78 percent.
In the burgeoning battery sector, leading producer LG Energy Solution gained 1.63 percent, with its competitor Samsung SDI also adding 0.32 percent. Defense industry powerhouse Hanwha Aerospace expanded by 0.86 percent.
However, not all major players experienced gains. Following recent rallies, major shipbuilder HD Hyundai Heavy slid 3.96 percent, and Samsung Electro-Mechanics dropped 1.46 percent. Additionally, bio-pharmaceutical giant Samsung Biologics saw a 0.92 percent decline in its stock value.
