South Korea's benchmark KOSPI index surged 2.78% on Monday, closing at an all-time high.
The rally was driven by strong export data and optimism surrounding earnings from tech giants like SK Hynix and Samsung Electronics. The Korean won strengthened, while benchmark bond yields declined.
October export figures, released over the weekend, showed unexpected growth, fueled by robust demand for semiconductors and ships. However, businesses remain cautious amid global uncertainties, including U.S. tariff policies.
SK Hynix shares jumped as much as 10%, reaching their highest level since 1999, after the chipmaker reported record profits. SK Securities more than doubled its price target for SK Hynix to 1 million won, up from 480,000 won, making it the most bullish forecast among analysts.
Similarly, SK Securities raised Samsung Electronics' target price from 110,000 won to 170,000 won, maintaining a "buy" rating. Samsung's shares climbed 3.5%, also hitting a record high.
Last Friday, Samsung Electronics confirmed it is in "close discussions" to supply its next-generation high-bandwidth memory (HBM) chip—HBM4—to Nvidia. The company is intensifying efforts to catch up in the AI chip race.