The KOSPI is displayed on the dealing room board at Hana Bank in Seoul, Monday. The index closed at 6,936.99, up 338.12 points, or 5.12 percent from the previous session, marking its first-ever finish above the 6,900 level. Yonhap
The KOSPI surged more than 5 percent Monday to close above the 6,900 mark for the first time on record, driven by strong gains in semiconductor stocks, despite ongoing geopolitical tensions.
The Kosdaq index and the Korean won also strengthened.
The benchmark index opened at 6,782.93, up 184.06 points, or 2.79 percent from the previous close, and surpassed its intraday record of 6,750.27 set on Thursday. It maintained an upward trajectory throughout the session, quickly moving past the 6,800 level and then the 6,900 mark, before closing at 6,936.99, up 338.12 points, or 5.12 percent.
On a closing basis, it exceeded its previous record close of 6,690.90 set last Wednesday, setting a new high in just two trading sessions.
Samsung Electronics and SK hynix led the rally, jumping more than 5 percent and 12 percent, respectively. Notably, SK hynix rose above 1.4 million won ($955) per share, pushing its market capitalization past 1,000 trillion won for the first time.
The secondary Kosdaq opened at 1,212.28, up 19.93 points, or 1.67 percent, and closed at 1,213.74, up 21.39 points, or 1.79 percent.
In the Seoul foreign exchange market, the won started at 1,472.9 per dollar, strengthening by 10.4 won before ending onshore trading at 1,462.8 per dollar, up 20.5 won.
The won’s strength was supported by a decline in global oil prices and continued foreign buying of domestic equities.
Brent crude futures for July delivery stood at $107.73 per barrel as of 8:35 a.m. Korea time, down 0.41 percent from the previous session. The price briefly dropped to $105.55 before recovering some of its losses.
U.S. West Texas Intermediate crude for June delivery also fell 0.64 percent to $101.29 per barrel, after temporarily dipping below the $100 mark to $99.11.
While Korean markets were closed for Labor Day last Friday, U.S. stocks extended gains led by tech shares. Reports that U.S. President Donald Trump was weighing diplomatic options on Iran and plans to boost U.S. oil output helped ease geopolitical tensions.
Sentiment later turned cautious after Trump rejected Iran’s proposed peace terms. He also announced a plan to assist vessels stranded by Iran’s blockade of the Strait of Hormuz, warning of a strong response if the effort is obstructed, while Iran cautioned that such actions could violate the ceasefire agreement.
Despite ongoing tensions, the domestic stock market is showing a greater focus on earnings than on geopolitical risks.
“The market has entered a phase where corporate performance outweighs war-related concerns,” Han Ji-young, an analyst at Kiwoom Securities, said. “Earnings from U.S. AI stocks such as Palantir Technologies and Advanced Micro Devices will likely shape the pace of further gains this week.”
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