Summary
- The Kospi index topped 6,500 and set a record high for a third straight day.
- Strong semiconductor earnings, a rise in first-quarter exports, and 1.7%% GDP growth boosted investor sentiment.
- SK Hynix posted 37.61 trillion won in operating profit, retail and institutional investors were net buyers, and the won opened stronger against the dollar.
Forecast Trend Report by Period
First-quarter GDP growth surprises at 1.7% on semiconductor strength
SK Hynix posts 37.61 trillion won in first-quarter operating profit
South Korea’s Kospi index climbed above 6,500 for the first time on April 23, extending its record run to a third straight session even as uncertainty persisted over the resumption of U.S.-Iran talks.
As of 9:02 a.m., the benchmark index was up 85.14 points, or 1.33%, at 6,503.07.
The move put the Kospi above the previous all-time high recorded before the outbreak of the U.S.-Iran war, after about two months.
The advance came as investors took some comfort after U.S. President Donald Trump extended a ceasefire with Iran just before it was set to expire. Strong semiconductor earnings also supported sentiment.
Bank of Korea data showed first-quarter exports rose 5.1% from the previous quarter and 10.3% from a year earlier, driven by semiconductors. Real gross domestic product increased 1.7% from the previous quarter.
In the main bourse, retail and institutional investors were net buyers of 228.6 billion won and 249.2 billion won, respectively. Foreign investors were net sellers of 463.9 billion won.
Moves in the market’s largest stocks were mixed. Samsung Electronics rose 4.71% and SK Hynix gained 3.52% in early trading. Before the open, SK Hynix reported first-quarter operating profit of 37.61 trillion won, up 405.5% from a year earlier.
Hyundai Motor rose 1.48%, SK Square added 0.56%, Doosan Enerbility advanced 4.31%, Samsung Biologics gained 1.60% and Kia rose 1.50%. LG Energy Solution fell 1.14%, Hanwha Aerospace slipped 0.28% and HD Hyundai Heavy Industries dropped 1.40%.
The Kosdaq index also rose. As of the same time, it was up 6.02 points, or 0.51%, at 1,187.14. In the Kosdaq market, foreign and institutional investors were net sellers of 118 billion won and 32 billion won, respectively. Retail investors were net buyers of 151.3 billion won.
Among Kosdaq heavyweights, Alteogen rose 0.70%, Rainbow Robotics gained 2.85% and Leeno Industrial climbed 3.83%. EcoPro fell 0.37%, EcoPro BM slipped 0.46% and Samchundang Pharm dropped 2.73%.
The won opened higher against the dollar. In Seoul trading, the won was at 1,478.80 per dollar, up 1.50 won from the previous session.
Lee Su, Hankyung.com reporter 2su@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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