Seoul, Feb 26 (IANS) South Korean stocks soared more than 3 per cent to close at a fresh record high of over 6,300 on Thursday as investors were buoyed by artificial intelligence (AI) prospects following Nvidia’s better-than-expected earnings report. The local currency gained slightly against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) earned 223.41 points, or 3.67 percent, to finish at a record high of 6,307.27. The index has risen for the six consecutive day, reports Yonhap news agency.
The KOSPI has continued its bullish mode since the beginning of the year, surpassing the 4,500-point line for the first time on Jan. 6 and crossing the 5,000-point mark on Jan. 27. It took less than one month to pierce the 6,000-point line on Wednesday.
Trading volume was heavy at 1.4 billion shares worth 38.5 trillion won (US$27 billion), with decliners sharply outnumbering gainers 659 to 239.
Institutions and individuals bought a net 1.24 trillion won and 658.8 billion won worth of stocks, respectively, while foreigners sold a net 2.1 trillion won.
Overnight, Nvidia reported its fourth-quarter revenue of US$68.13 billion to beat analyst estimates, renewing optimism over AI technology’s potential benefits.
Analysts said Nvidia’s strong earnings pushed up the tech rally here as Korean chipmakers like Samsung Electronics and SK hynix are a key part of the Nvidia-led AI value chain.
“The index was led by chip, electric equipment and automobile stocks involved in the AI value chain, following Nvidia’s strong earnings report,” Kang Jin-hyuk, an analyst from Shinhan Securities, said.
Investors were also boosted by the Bank of Korea’s announcement that it raised its 2026 economic growth forecast by 0.2 percentage point to 2 percent, citing strong exports of semiconductors, he added.
Technology and automobile stocks led the gains across the board.
Market bellwether Samsung Electronics jumped 7.13 percent to an all-time high of 218,000 won and its chipmaking rival SK hynix soared percent to 7.96 percent to a fresh high of 1,099,000 won.
LG Electronics surged 10.05 percent to 146,700 won after Nvidia mentioned the Korean company as a partner for its physical AI business.
Hyundai Motor vaulted 6.47 percent to 609,000 won and its auto parts affiliate Hyundai Mobis surged 12.67 percent to 529,000 won.
HD Hyundai Electric, a manufacturer of power transformers and other electrical equipment, advanced 4.32 percent to 1,111,000 won and leading pharmaceutical firm Samsung Biologics rose 2.2 percent to 1,766,000 won.
However, food giant Nongshim sank 3.23 percent to 434,000 won and major banking group KB Financial Group fell 1.43 percent to 165,300 won.
The Korean won was quoted at 1,425.8 won against the U.S. dollar at 3:30 p.m., up 3.6 won from the previous session, the highest since Jan. 28 when it traded at 1,422.5 to the greenback.
–IANS
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