KOSPI Hits 9,000 Milestone: A New Chapter in Korean Stock Market History

[Anchor]

The KOSPI has surpassed the 9,000 mark for the first time in history. However, a look at the top 50 stocks by market capitalization reveals that decliners outnumber gainers by nearly three to one. The overall index is increasingly being driven by the movements of AI-related stocks, such as those in the semiconductor and electricity sectors.

Reporter Lee Tae-gwon has the story.

[Reporter]

[Celebrating the KOSPI at 9,000!]

The KOSPI has reached the unprecedented milestone of 9,000.

After a slightly higher opening, the index began to climb in earnest around midday.

It surged past 9,000 to reach as high as 9,106 before closing at 9,063, up 2.25% from the previous trading session.

This comes just one month after the index first crossed the 8,000 mark during intraday trading on May 15.

Although major U.S. indices fell across the board overnight as the U.S. Federal Reserve held interest rates steady while signaling the possibility of future hikes, the Korean market followed a different path.

[Hwang Seung-taek / Head of Research Center, Hana Securities: "The market had generally anticipated (the possibility of interest rate hikes), so the impact on the stock market was limited."]

Instead, factors such as the ongoing peace process between the U.S. and Iran, and comments from Apple CEO Tim Cook regarding the inevitability of price hikes due to rising memory costs, had a greater influence on the local market.

Driven by expectations of a bright outlook for semiconductors, Samsung Electronics and SK Hynix rose 4.6% and 6.5%, respectively, both hitting all-time highs.

[Lee Sang-heon / Researcher, iM Securities: "DRAM and NAND prices have been rising since last September, increasing about fourfold through this year. Such factors are fueling expectations for profit growth..."]

The KOSPI, which stood in the 2,900 range a year ago, has tripled in value, bolstered by the semiconductor boom fueled by surging AI demand.

The KOSPI has risen 115% this year, making it the top-performing major stock market in the world by a wide margin.

Its market capitalization has also reached the $5 trillion level, ranking 7th globally, following Taiwan and Japan.

With AI innovation, analysts suggest that semiconductors—the backbone of Korea's industry—have transitioned from being a cyclical sector to an infrastructure industry, signaling that the Korean capital market has moved up to a new level.

(Reported by Choi Ho-jun and Choi Dae-woong | Video edited by Kim Yun-seong | Graphics by Lee Jun-ho and Park Cheon-ung)
※ Please note: This article was translated by AI and may contain errors.