KOSPI and the closing prices of single-stock leveraged ETFs linked to Samsung Electronics and SK hynix are displayed on an electronic board at Woori Bank's dealing room in Seoul, Wednesday. KOSPI closed at 8,228.70, up 181.19 points, or 2.25 percent, rewriting its record closing high as 16 newly listed ETF products fueled strong buying interest. Yonhap

KOSPI extended its rally Wednesday and climbed above the 8,200 level to set another high after breaching the 8,000-point mark for the first time a day earlier.

Investor sentiment was buoyed by a sharp rally in U.S. technology stocks and growing expectations surrounding the launch of single-stock leveraged exchange-traded funds (ETFs) tied to Samsung Electronics and SK hynix.

Samsung Electronics also received a boost after its wage agreement was approved in a labor union vote with 73.7 percent support. The deal eased concerns over short-term strike risks, reinforcing positive sentiment toward the tech giant's stock.

The benchmark index opened at 8,242.12, up 194.61 points, or 2.42 percent, from the previous session, and at one point surged 5 percent to 8,450.26, marking its first-ever move above the 8,400 threshold. It later pared some gains to close at 8,228.70, up 181.19 points, or 2.25 percent, rewriting its record closing high just a day after reaching the previous milestone.

The strong gains in early trading prompted the activation of a buy-side sidecar, temporarily suspending program buy orders.

Korean equities drew fresh momentum from a strong overnight rally in U.S. semiconductor stocks.

The S&P 500 and Nasdaq Composite climbed 0.61 percent and 1.19 percent to close at record highs of 7,519.12 and 26,656.18, respectively. The Dow Jones Industrial Average, meanwhile, slipped 0.23 percent.

Semiconductor shares outperformed, with the Philadelphia Semiconductor Index jumping 5.53 percent. Micron Technology led gains among chipmakers, soaring 19.3 percent after Swiss investment bank UBS sharply raised its price target on the memory chipmaker.

Korean semiconductor shares followed suit. Samsung Electronics rose 2.68 percent, while SK hynix climbed 9.31 percent.

Source: Korea Times News