South Korea’s Kospi index tops 9,000 as chipmakers hit records

[SEOUL] South Korean shares rose more than 2 per cent on Thursday (Jun 18) to top the 9,000 milestone for the first time, as chipmakers hit record highs on AI optimism.

The benchmark Kospi ended up 199.60 points, or 2.25 per cent, at 9,063.84, its highest close on record.

Samsung Electronics rose 4.62 per cent and SK Hynix gained 6.51 per cent. Both chipmakers, which account for more than 50 per cent of the benchmark index by market value, notched record closes.

SK Hynix said it had shipped samples of its latest high-bandwidth memory (HBM) chips to major customers, as the South Korean chipmaker seeks to strengthen its position in the fast-growing AI semiconductor market.

Apple plans to raise prices on its products to offset increasing memory and storage chip costs, CEO Tim Cook told the Wall Street Journal in an interview.

South Korea’s financial market regulator issued an investor warning on single-stock leveraged investment products recently introduced amid a world-beating, chipmaker-led rally in the domestic market.

Most other index heavyweights fell. Battery maker LG Energy Solution slid 3.85 per cent. Hyundai Motor and sister automaker Kia Corp were down 2.75 per cent and down 4.51 per cent, respectively.

Of the total 917 traded issues, 109 shares advanced, while 791 declined.

Foreigners were net buyers of shares worth 1.3 trillion won (S$1.3 billion).

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The won was quoted at 1,527.1 per US dollar on the onshore settlement platform, 0.76 per cent lower than its previous close at 1,515.5.

The most liquid three-year Korean treasury bond yield rose by 4.0 basis points to 3.745 per cent, while the benchmark 10-year yield rose by 2.3 basis points to 4.100 per cent. REUTERS