The benchmark KOSPI index experienced a notable rise of over 1%, reaching approximately 4,570 on Wednesday. This upward trend continued, achieving new record heights primarily due to the ongoing strength observed in semiconductor stock performance. Major players in the chipmaking sector significantly drove the market, with Samsung Electronics surging by 2.1% and SK hynix by 3.7%. This increase was largely attributed to investors increasing their positions in technology stocks, fueled by sustained optimism regarding AI-related demand and favorable earnings forecasts.
The rally gained further momentum from a positive global environment after US equities hit record highs the previous night, boosting risk appetites across regional markets. Furthermore, automobile stocks provided additional support to the market's upward trajectory. Hyundai Motor, for instance, soared over 10% as it benefitted from renewed enthusiasm surrounding autonomous vehicle technology, spurred by high-profile industry discussions at the CES (Consumer Electronics Show). This broader interest extended gains beyond just the semiconductor sector.
Other noteworthy advances were seen in HD Hyundai Heavy Industries, which rose by 2.7%, Kia Corporation at 4.2%, Hyundai Mobis impressively climbing 8.1%, and Hanwha Ocean progressing by 1.5%.
