An electronic signboard at Hana Bank in Seoul shows that the Korea Composite Stock Price Index (KOSPI) topping the 5,600-point mark, Thursday. Yonhap
Korean stocks surpassed the 5,600-point mark for the first time ever Thursday, boosted by sharp gains in semiconductor and other blue-chip tech shares amid optimism about artificial intelligence (AI). The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 170.24 points, or 3.09 percent, to close at an all-time high of 5,677.25.
The previous record high was set on Feb. 12, when the index closed at 5,522.27.
After a three-day break for the Lunar New Year holiday, the index opened at a record high on Thursday and maintained its upward momentum on solid buying by institutional investors.
"Nvidia, Broadcom and other major U.S. AI firms are scheduled to present earnings starting next week and investor preference for chip-related stocks is expected to persist," Kiwoom Securities analyst Lee Sung-hoon said.
"Upward momentum is also expected from growing pressure on listed firms to boost shareholder returns ahead of next month's annual meetings, as well as rising prospects for passage of the commercial law revision," he added.
Source: Korea Times News
