A stock ticker at Hana Bank headquarters in central Seoul shows the benchmark KOSPI closing at a new high of 6,475.81, up 0.9 percent from the previous session. Yonhap

Seoul stocks extended their record-breaking run to a third straight day, Thursday, with the benchmark KOSPI briefly topping the 6,500 level in intraday trading, as strong earnings momentum led by domestic memory chip giants eclipsed any lingering uncertainty over U.S.-Iran tensions.

Supportive global cues also helped. Overnight, the Philadelphia Semiconductor index rose 2.72 percent, with buying interest spreading across large-cap tech and artificial intelligence (AI)-related stocks on Wall Street.

Investor confidence was further bolstered by a bullish improvement in the semiconductor cycle, with heavyweight chipmakers such as SK hynix and Samsung Electronics leading the rally.

On Thursday, SK hynix reported first-quarter operating profit of 37.61 trillion won ($25.42 billion), a record high and a surge of 405.5 percent from a year earlier. The result follows Samsung Electronics’ record quarterly operating profit of 57 trillion won reported earlier this month.

Adding to the positive backdrop, Korea’s gross domestic product grew 1.7 percent from the previous quarter, according to the Bank of Korea.

Riding this momentum, KOSPI opened at 6,488.83, up 1.1 percent from the previous session, according to the Korea Exchange. The index climbed as high as 6,557.76 during the session — marking a new intraday record — before closing at 6,475.81, up 0.9 percent.

Retail investors led the day’s gains, buying a net 532.5 billion won, while foreign and institutional investors were net sellers, offloading 402.5 billion won and 70.4 billion won, respectively.

The secondary bourse Kosdaq, however, slipped. The index opened 0.68 percent higher at 1,189.10 but reversed course to close at 1,174.31, down 0.58 percent.

“The market is being driven less by the direction of geopolitical tensions and more by domestic fundamentals and earnings prospects,” said Joo Won, head of research at the Hyundai Research Institute. “There’s a growing view that the Korean economy is proving more resilient to external shocks than expected. Today’s move is also tied to SK hynix’s earnings. Overall, both macro and corporate indicators are coming in stronger than anticipated.”

Source: Korea Times News