South Korea's Kospi Index Surpasses 6000 Milestone with Over 40% Annual Gain

Deep News
8 hours ago

South Korea's benchmark stock index has reached the 6,000-point level for the first time in history, achieving a year-to-date increase of more than 40% and ranking among the world's best-performing equity markets. Driven by an overnight rebound in U.S. stocks, semiconductor and automobile shares led Wednesday’s gains. During morning trading, the Kospi index rose 0.6% to 6,006.80 points, bringing its year-to-date advance to 43%. Samsung Electronics, the world’s largest memory chipmaker and a heavyweight component of the index, climbed 1.3%. SK Hynix, a key supplier of high-bandwidth memory chips to NVIDIA, increased by 0.7%. Automakers Hyundai Motor and its affiliate Kia rose by 4.6% and 11%, respectively. The Kospi’s ascent followed a rebound in U.S. equities after Monday’s sharp decline in AI-related stocks. A major chip agreement between Meta and Advanced Micro Devices helped ease concerns about the disruptive impact of AI technology on existing tech firms. The social media giant Meta announced an AI chip procurement plan valued at over $100 billion, placing orders with Advanced Micro Devices. This development contributed to a 1.0% rise in the Nasdaq Composite Index, while the S&P 500 and Dow Jones Industrial Average both gained 0.8%.

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