Global Markets | South Korea’s KOSPI rises to record high as chipmakers surge on export boom

South Korea’s KOSPI stock index climbed more than 2% to an all-time high on Tuesday, underpinned by chipmakers, as robust export data and optimism ahead of corporate earnings lifted investor sentiment. The KOSPI benchmark climbed ‌as much ⁠as 2.4% ⁠to 6,367.46, surpassing its previous record of 6,347.41 hit on February 27, a day before the Iran war erupted.

The KOSPI has risen 51% so far this year. Last year, the benchmark jumped 76%, the biggest since 1999.

ChipmakerSK Hynixclimbed as much as 5.2% to a record, andSamsung Electronicsrose as much as 2.6%, leading index gains following upbeat trade data. South Korea’s exports rose 49.4% in the first 20 ⁠days of this month ‌from a year-ago period, data showed on Tuesday, with semiconductor sales surging 182.5%.

“Just like yesterday, the focus of the domestic stock market today is ⁠on corporate earnings,” said Seo Sang-young, an analyst at Mirae Asset Securities. SK Hynix, which supplies advanced chips to U.S. artificial intelligence chipmaker Nvidia, is scheduled to report its first-quarter results later this week, following Samsung Electronics’ projection earlier this month that its first-quarter earnings would exceed its entire profit for last year. On a more than 80% rally so far this year, the market cap of SK Hynix topped $564.59 billion, closing in on the $569.6 billion valuation of chip equipment ‌maker ASML, Europe’s most valuable company.

SK Hynix also overtook Johnson & Johnson, the $555.64 billion pharmaceutical and consumer goods juggernaut, vaulting into the ranks of the top 20 most valuable companies, according to data ⁠provider CompaniesMarketCap. Among other heavyweights, battery maker Samsung SDI rallied 15.6% on Tuesday to its highest point since August 2023 on a deal with Mercedes-Benz, while peer LG Energy Solution climbed 9.9%. Shares of battery materials makers LG Chem and POSCO Holdings also gained 5.9% and 7.6%, respectively.

Foreigners were net buyers of shares worth 654 billion won ($444.26 million).

The won was quoted at 1,472.4 per dollar on the onshore settlement platform, 0.03% higher than its previous close at 1,472.8.

($1 = 1,472.1000 won)

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