KOSPI breaks above 6,300 just a day after hitting 6,000… Samsung Electronics, SK hynix surge 7%

KOSPI jumps 3.67% on Nvidia tailwinds, closes at 6,307.27

Won-dollar exchange rate: 1,425.8 won

The KOSPI index punched through the 6,300 level just one day after topping 6,000. The move came as Nvidia’s strong earnings overnight dismissed talk of an artificial intelligence (AI) bubble, sending semiconductor bellwethers Samsung Electronics and SK hynix soaring more than 7%.

On the 26th, the KOSPI closed at 6,307.27, up 223.41 points (3.67%) from the previous session. After opening around 6,100, the index extended gains steadily and broke above 6,300, repeatedly scaling uncharted territory. The intraday high was 6,313.27. The KOSPI has now risen for six consecutive sessions.

In the main board market, individuals and institutions were net buyers of 1.1396 trillion won and 1.0175 trillion won, respectively, lifting the index. Foreign investors dumped shares, posting net sales of 2.3892 trillion won.

Nvidia’s “blowout” results set the local market alight. Nvidia reported that fiscal fourth-quarter (November last year to January this year) revenue rose 73% year on year to $68.13 billion (about 98 trillion won), beating the market consensus of $66.2 billion. Adjusted earnings per share (EPS) came in at $1.62, topping Wall Street estimates of $1.53.

Samsung Electronics (7.13%) and SK hynix (7.96%), which count Nvidia as a customer, surged. Samsung Electronics hit an intraday high of 219,000 won and SK hynix climbed to 1,099,000 won, both setting fresh records. SK Square, SK hynix’s largest shareholder, also gained 4.95%.

Physical AI-related stocks also benefited from Nvidia’s rally. In a press release, Nvidia said LG Electronics, Boston Dynamics and others are using Nvidia’s robotics stack. LG Electronics shares rose 10.05%, while Hyundai Motor (6.47%), Kia (5.05%) and Hyundai Mobis (12.67%)—which has Boston Dynamics as an affiliate—also advanced.

Kang Jin-hyuk, an analyst at Shinhan Securities, said, “On the back of Nvidia’s strong results, the semiconductor, power equipment and auto sectors were strong, driving the KOSPI higher.”

The Kosdaq also ended higher, closing at 1,188.15, up 22.9 points (1.97%) from the previous session. The index briefly slipped into negative territory, falling to as low as 1,161.4, but rebounded and moved within striking distance of 1,200. The Kosdaq has risen for three straight sessions.

In the Kosdaq market, foreigners and institutions led the gains with net purchases of 467.3 billion won and 189.2 billion won, respectively. Individuals were net sellers of 617.4 billion won.

Samchundang Pharmaceutical (29.85%) closed at the daily upper limit. The move appears to have been driven by news of a technology transfer agreement for an oral obesity treatment worth up to 5.3 trillion won. Other large Kosdaq names also mostly finished higher, including Rainbow Robotics (11.68%), Kolon TissueGene (10.53%), Wonik IPS (10.19%), Lino Industrial (9.88%), Voronoi (7.18%), EcoPro (5.14%), Caregen (3.79%), ABL Bio (1.97%), Peptron (1.78%), EcoPro BM (1.62%) and LigaChem Biosciences (1.57%).

The won-dollar exchange rate ended daytime trading at 1,425.80 won, down 3.60 won from the previous session. Earlier in the day, the Bank of Korea’s Monetary Policy Board held its second policy meeting of the year and left the benchmark rate unchanged at 2.5%. It marked the sixth consecutive hold, following decisions in July, August, October and November last year and January this year.

Jin Young-gi, Hankyung.com reporter young71@hankyung.com