A stock ticker at Hana Bank headquarters in central Seoul shows the benchmark KOSPI closing at a new high of 6,388.47, Tuesday, up 2.72 percent from the previous session. Yonhap

Seoul stocks soared to a record high, Tuesday, with the benchmark KOSPI breaching fresh all-time records, as optimism over stronger first-quarter earnings led by chipmakers boosted investor sentiment despite lingering uncertainty over U.S.-Iran tensions.

Overnight losses on Wall Street, driven by concerns over the U.S.-Iran negotiations, did little to dent local sentiment. Instead, investor confidence improved, underpinned by growing expectations for chip earnings.

In particular, SK hynix, which is set to report earnings Thursday, continued to draw strong buying interest, with markets anticipating record quarterly results.

The KOSPI opened at 6,302.54, up 1.34 percent from the previous session, according to the Korea Exchange. The index extended gains through the session, at one point approaching the 6,400 level, before closing at 6,388.47, up 2.72 percent.

Foreign and institutional investors led the rally, purchasing a net 1.75 trillion won ($1.19 billion) and 796 billion won, respectively. Retail investors, by contrast, offloaded 2.36 trillion won.

The tech-heavy Kosdaq also edged higher, extending its winning streak to an eighth consecutive session. The index opened 0.07 percent higher at 1,186.23 and closed at 1,179.03, up 0.36 percent.

Heavyweight chip stocks led the broader rally. SK hynix climbed 4.97 percent to 1,224,000 won, surpassing the 1.2 million won mark for the first time, while Samsung Electronics rose 2.1 percent to 219,000 won.

Global investment banks have also turned increasingly bullish on Korean equities.

Goldman Sachs said in a report that the KOSPI could surpass the 8,000 level within the next 12 months, citing a sharp upward revision in earnings forecasts. JPMorgan offered an even more optimistic outlook, projecting that the index could reach as high as 8,500 in a strong semiconductor upcycle.

Source: Korea Times News