KOSPI hits record high as chipmakers rally

The KOSPI crossed the 3,500 mark for the first time on Oct. 2, setting a new milestone ahead of the Chuseok holiday. Foreign investors piled into Samsung Electronics and SK hynix on optimism about their alliance with OpenAI in artificial intelligence semiconductors. Samsung briefly hit 90,000 won and SK hynix approached 400,000, while holding companies rose on signals of eased separation rules between finance and industry.

According to the Korea Exchange, the KOSPI opened at 3,525.48, up 2.02 percent from the previous day, and closed at 3,549.21, up 2.70 percent. The index surpassed its previous records of 3,486.19 at closing on Sept. 23 and 3,497.95 intraday on Sept. 24. Samsung Electronics rose 3.49 percent to 89,000 won, and SK hynix climbed 9.86 percent to 395,500 won.

Foreign investors drove the rally, buying a net 3.13 trillion won in shares. Retail investors sold 3.07 trillion won, while institutions offloaded 67.4 billion won. Trading had been expected to quiet ahead of the long holiday, but optimism over semiconductor demand from Samsung and SK hynix’s tie-up with OpenAI pushed the index past 3,500. Holding companies also rallied after President Lee Jae-myung suggested easing separation rules. SK Square, SK Group’s intermediate holding company, surged 15.8 percent on expectations holding firms could deploy large capital.

Wall Street gains also lifted sentiment, with U.S. markets rising for four sessions on hopes a government shutdown would hasten Fed rate cuts. Hwang Se-woon of the Korea Capital Market Institute called the rally unusual for a holiday week, citing policy support, optimism in semiconductors and expectations of lower U.S. rates.

During a meeting with senior aides, President Lee said the KOSPI’s move above 3,500 was unlikely to shift quickly and noted that people are regaining hope as the economy steadies.


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