KOSPI breaks 9,000 for the first time, soaring 115% this year

South Korea's KOSPI index achieved a historic milestone on June 18, closing above 9,000 points for the first time. The benchmark index finished the trading day at 9,063.84, a significant leap that underscores its remarkable performance this year. The KOSPI has surged by 115.08% year-to-date, positioning it as the top-performing market among G20 nations.

This surge followed closely on the heels of the KOSPI breaking the 8,000-point mark just 16 trading days prior. The total market capitalization of the stock exchange reached an all-time high of 7,413 trillion won. A key factor contributing to this upward momentum was the return of foreign investors, who made net purchases of 1.2 trillion won on June 18, reversing a month-long trend of divestment. The apparent conclusion of the US-Iran conflict, signaled by the signing of a Memorandum of Understanding, also provided a positive sentiment boost to the market.

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The KOSPI surpassed 9,000 points for the first time, marking an 115.08% increase year-to-date, the highest among G20 nations.

The rally was predominantly driven by the performance of the market's leading stocks. SK Hynix saw its share price climb 6.51% to close at 2,685,000 won, briefly surpassing 2.7 million won during trading. This surge, along with related companies like SK Square, was partly attributed to comments from Apple CEO Tim Cook, who predicted a prolonged shortage of memory semiconductors. Samsung Electronics also hit a new record high, rising 4.62% to close at 362,500 won, with its market capitalization reaching 2,119 trillion won.

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Foreign investors returned, injecting 1.2 trillion won into the market, significantly contributing to the index's rise.

Globally, Asian markets also showed positive trends. Japan's Nikkei 225 index briefly surpassed 71,000 points for the first time, closing up 1.65%. Taiwan's Taiex index also rose by 1.28%. This positive sentiment in Asia contrasted with a late decline in U.S. markets, which were influenced by signals of monetary tightening from the Federal Reserve.

The booming semiconductor sector, a primary driver of the KOSPI's ascent, is also having a ripple effect on the real estate market. Apartment prices in Dongtan, a residential area primarily inhabited by Samsung Electronics employees, have seen a cumulative increase of 9.57% this year, marking the highest growth rate nationwide.

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Apple CEO Tim Cook predicted a prolonged shortage of memory semiconductors.