Seoul stocks briefly surpassed the 6,700-point mark on Tuesday, propelled by large-cap tech shares gearing up for earnings reports from major US tech firms. The Korea Composite Stock Price Index (KOSPI) hit an intraday high of 6,712.73 points in the morning session. This surge anticipates the first-quarter earnings releases from prominent US companies like Apple, Microsoft, and Meta.
The KOSPI index has surged by about 31 percent in April, marking the second-largest monthly increase since February 1988. This record-breaking performance follows a period of market turmoil due to the Middle East conflict. Despite a significant drop during the crisis, the KOSPI has rebounded, driven by optimism surrounding the artificial intelligence (AI) sector.
The recent positive earnings report from Intel has further boosted confidence in the local semiconductor industry. Intel’s revenue from its data center and AI business saw a 22 percent year-on-year growth in the first quarter, surpassing market expectations. Analysts remain cautiously optimistic, noting potential volatility ahead as indicated by the VKOSPI fear index, which suggests possible daily fluctuations exceeding 3 percent amid the ongoing record-breaking trend.
