The KOSPI broke through the 9,000 mark for the first time in history, lifted by returning foreign investors amid a rally in large-cap semiconductor stocks led by Samsung Electronics (005930.KS) and SK hynix (000660.KS). The advance is seen as the result of clearing risk factors one by one — as if breaking through stages in a video game — including the U.S. Consumer Price Index (CPI), the SpaceX listing, Japan's base rate hike, and a hawkish Federal Open Market Committee (FOMC), with the added tailwind of a ceasefire agreement between the United States and Iran.
According to the Korea Exchange on Tuesday, the KOSPI closed at 9,063.84, up 199.60 points, or 2.25%, from the previous session, setting a fresh record high on a closing basis. It marked a sixth consecutive session of gains, coming 22 trading days after surpassing the 8,000 level on Nov. 26. During the session, it climbed as high as 9,106.07, breaking past the 9,100 mark. A further 10.33% gain would bring it to the dream level of 10,000. The KOSPI's market capitalization stood at 7,413 trillion won, an all-time high and the seventh largest globally.
A surge in semiconductor leaders provided the momentum behind the KOSPI's 9,000 milestone, as expanding global artificial intelligence (AI) infrastructure investment continued to drive growing demand for memory chips. Samsung Electronics closed up 4.62% at 362,500 won, overtaking Tesla and Meta to re-enter the global market cap ranking at No. 10. SK hynix jumped 6.51% to close at a record high of 2,685,000 won. Although the U.S. FOMC delivered a hawkish hold, the market did not take it as seriously, still holding expectations for a rate cut within the year.
Foreign investors bought a net 1.271 trillion won worth of shares, pushing the index higher. After turning to net selling the previous day for the first time in four sessions, they switched back to net buying just one day later.
However, with an "extreme concentration" market emerging in which declining stocks outnumbered advancing ones by more than seven to one, analysts said the gap between the index's rise and the sentiment felt on the ground is widening. The KOSDAQ closed at 1,000.93, down 31.03 points, or 3.01%, from the previous session, barely holding the 1,000 line.
