An electronic board at the dealing room of Hana Bank headquarters in Seoul shows the KOSPI and Kosdaq indices, Monday. KOSPI closed at 6,219.09, up 27.17 points, or 0.44 percent, from the previous session, while Kosdaq finished at 1,174.85, gaining 4.81 points, or 0.41 percent. Yonhap
Expectations are mounting that KOSPI could reach a new high this week, as local brokerages project sustained upward momentum in the domestic stock market despite uncertainties stemming from the Middle East crisis, analysts said Monday.
They added that strong earnings prospects for major companies, including SK hynix, are likely to underpin further gains and help offset external risks.
SK hynix climbed to an all-time high on the day, driven by news that it has begun mass production of a next-generation memory module designed for artificial intelligence (AI) servers, along with optimism over its first-quarter earnings. KOSPI rose in tandem, while secondary bourse Kosdaq, which opened in negative territory, rebounded to trade higher.
The benchmark index opened at 6,213.92, up 22 points, or 0.36 percent, from the previous close. Supported by strong institutional buying, it extended gains and closed at 6,219.09, up 27.17 points, or 0.44 percent.
The rally was led by SK hynix, the country’s second-largest company by market capitalization. The company said it has begun mass production of a 192GB SOCAMM2 module based on its sixth-generation 10-nanometer-class LPDDR5X low-power dynamic random access memory technology. The module is designed for use with Nvidia’s Vera Rubin AI platform.
The production news, combined with heightened expectations for its preliminary January-March earnings, due Thursday, sent SK hynix shares surging. The stock hit an intraday record high of 1,175,000 won ($796) before closing at 1,166,000 won, up 3.37 percent.
Data compiled by FnGuide shows that SK hynix is expected to post first-quarter revenue of about 50 trillion won and operating profit of 35 trillion won. This would mark year-on-year increases of 184.1 percent and 368.7 percent, respectively, representing its highest quarterly performance on record.
Samsung Electronics had already reported first-quarter earnings that exceeded market expectations by 40 percent, further raising expectations that SK hynix could deliver a strong earnings surprise.
Amid growing optimism, market watchers are now focusing on whether KOSPI can extend its rally. The index’s record closing level stands at 6,307.27, set on Feb. 26, while its intraday peak reached 6,347.41 the following day.
Source: Korea Times News
