An electronic board at the dealing room of Woori Bank’s headquarters in Seoul shows the benchmark KOSPI closing at 6,690.90, up 49.88 points, or 0.75 percent, from the previous session, extending its record-setting streak to a third day on a closing basis. Yonhap

KOSPI, coming off a second straight session of a strong rally, traded in a narrow range around the 6,600 level on Wednesday before closing slightly higher, extending its record-setting streak to a third day.

Investor sentiment was partly weighed down by overnight losses in U.S. tech stocks, triggered by renewed concerns over OpenAI’s profitability. Still, downside pressure remained limited.

The benchmark index opened 22.02 points, or 0.33 percent, lower at 6,619 from the previous session, but later regained ground to close at 6,690.90, up 49.88 points, or 0.75 percent, marking a third consecutive session of record highs.

On Monday, the index climbed to 6,615.03, rising 139.40 points, or 2.15 percent, to mark its first-ever close above the 6,600 level. It extended gains on Tuesday, briefly surpassing the 6,700 mark during intraday trading before paring gains to settle at 6,641.02.

Heavyweight stocks showed largely lackluster performance. SK hynix closed at 1,293,000 won ($875), down 7,000 won, or 0.54 percent, from the previous session, while Samsung Electronics edged up to 226,000 won, gaining 4,000 won, or 1.80 percent.

The weakness followed an overnight downturn on Wall Street, where all three major indexes ended lower, with the tech-heavy Nasdaq pressured by renewed concerns over OpenAI’s earnings outlook, dampening sentiment in the Korean market.

Analysts said KOSPI is now shifting into a cautious, wait-and-see mode ahead of major events, including earnings announcements from global Big Tech firms and the U.S. Federal Reserve’s rate decision at the Federal Open Market Committee (FOMC) meeting.

“A range of factors, including the prolonged U.S.-Iran standoff, the UAE’s withdrawal from OPEC and OpenAI’s shortfall in meeting earnings targets, is prompting investors to take profits, leading to a pause in the market,” said Kang Jin-hyuk, a senior researcher at Shinhan Securities.

“Attention is now shifting to upcoming catalysts, particularly earnings reports from Alphabet, Microsoft, Meta and Amazon, as well as the FOMC meeting, which should provide clearer signals on AI capital expenditure plans and the durability of the current cycle.”

Source: Korea Times News