The KOSPI index surged by 3%, surpassing 5500 to close at a new all-time high, driven by aggressive buying from foreign and institutional investors, especially in semiconductor stocks like Samsung Electronics.
On December 12, the KOSPI index in South Korea experienced a remarkable surge, closing at 5522.27 after a 3.13% increase, surpassing the previous all-time high set just six trading days before. This significant jump was primarily fueled by aggressive buying from foreign and institutional investors, particularly in the semiconductor sector, which has been instrumental in driving market growth. Notably, Samsung Electronics saw a 6.44% rise, reaching a closing price of 178,600 KRW, while SK Hynix also contributed to the upward momentum with a 3.26% increase.
Despite a slight decline in major US stock indices overnight, the Philadelphia Semiconductor Index rose by 2.28%, indicating a bullish sentiment in semiconductor stocks. In addition, foreign investors purchased a net 3.1 trillion KRW worth of shares, predominantly in Samsung Electronics, showcasing confidence in the technology sector. Institutional investors also added to this bullish trend with a net purchase of approximately 1.37 trillion KRW, indicating a strong belief in the ongoing growth potential of South Korea's stock market amid the global economic environment.
As the KOSPI continues to mark new heights, the foreign exchange market responded with the Korean won appreciating, as the USD-KRW exchange rate declined. This continued positive momentum underscores the resilience of the South Korean economy, particularly in the tech sector, and reflects optimism among investors about the future of the market as it remains closely tied to global technology trends.
