South Korean stocks reached a new high, closing over 6,300 on Thursday, driven by optimism in artificial intelligence (AI) after Nvidia’s strong earnings. The benchmark Korea Composite Stock Price Index (KOSPI) rose by 3.67 percent to a record 6,307.27, marking the sixth consecutive day of gains.
Since the start of the year, the KOSPI has been on an upward trend, breaking milestones like 4,500 points on Jan. 6, 5,000 points on Jan. 27, and surpassing 6,000 points within a month. Trading volume was significant at 1.4 billion shares valued at 38.5 trillion won, with more decliners than gainers.
Investors were encouraged by Nvidia’s fourth-quarter revenue surpassing expectations, fueling optimism in AI technology. Korean chipmakers like Samsung Electronics and SK hynix, integral to Nvidia’s AI value chain, also saw a boost in their stocks.
Technology and automobile sectors led the market gains, with Samsung Electronics and SK hynix hitting all-time highs. LG Electronics surged after being mentioned by Nvidia as a partner in its AI business, while Hyundai Motor and Hyundai Mobis also saw significant increases.
Despite the overall positive trend, some sectors like Nongshim and KB Financial Group experienced declines. The Korean won also strengthened against the U.S. dollar, reaching 1,425.8 won, the highest level since late January.
