SEOUL, February 23 (AJP) — Korean stocks extended their record-setting rally on Monday, showing little sign of disruption from renewed U.S. tariff uncertainty as the benchmark index moved closer to the 5,900 mark while several major Asian markets remained closed.
The main KOSPI briefly tested 5,900, extending its roughly 40 percent advance in the first two months of the year. As of 10:54 a.m., the index was up 1.17 percent at 5,875.12. The tech-heavy KOSDAQ rose 1.16 percent to 1,167.41.
The Korean won strengthened amid a broad retreat of the U.S. dollar, reflecting growing uncertainty over Washington’s trade policy. The dollar was down 4.40 won at 1,143.60.
Investor sentiment remained resilient despite renewed tariff pressure from Washington. President Donald Trump said he would raise a blanket U.S. import tariff to 15 percent after the Supreme Court of the United States struck down much of his second-term tariff regime last week. The administration has since relied on Section 122 of the Trade Act of 1974, which allows temporary tariffs of up to 15 percent for balance-of-payments purposes.
For Korea, which runs persistent trade surpluses with the United States, the move suggests that Washington’s tariff policy is entering a new legal phase rather than winding down, keeping external uncertainty elevated.
Investor flows were mixed. Individual investors bought a net 423.9 billion won ($320 million), while foreign and institutional investors sold a net 382.1 billion won and 69.9 billion won, respectively.
Among heavyweight stocks, Samsung Electronics and SK hynix rose 2.68 percent and 2.42 percent to 195,200 won and 972,000 won, respectively. LG Energy Solution fell 0.87 percent to 398,000 won.
Samsung Electronics gained after reports that it reclaimed the No. 1 position in the global DRAM market in the fourth quarter.
Optimism over artificial intelligence investment also supported chipmakers. Chey Tae-won, chairman of SK Group, recently warned that while AI demand could push SK hynix’s operating profit beyond $100 billion, the sector also faces unprecedented volatility.
Speaking at the Trans-Pacific Dialogue 2026 in Washington last week, Chey said AI is reshaping global industrial structures, creating extraordinary opportunities alongside rising uncertainty.
Elsewhere, nuclear and defense shares were mixed. Doosan Enerbility climbed 0.68 percent, while Hanwha Aerospace fell 0.97 percent.
Financial stocks led gains after a third amendment to the Commercial Act passed the National Assembly’s Legislation and Judiciary Committee. Samsung Life Insurance rose 4.34 percent, while DB Insurance, Heungkuk Fire & Marine Insurance and Lotte Insurance posted strong gains.
In biotech, Samsung Biologics advanced 0.46 percent.
Automakers also outperformed. Hyundai Motor rose about 3.93 percent to around 529,000 won on reports of a multi-trillion-won investment plan in Saemangeum, with Kia gaining 1.28 percent.
Shipbuilders showed mixed performance, with HD Hyundai Heavy Industries edging up and Hanwha Ocean declining.
Construction shares drew attention as Hyundai Engineering & Construction jumped 6.08 percent on expectations of U.S. nuclear reactor investment decisions between 2026 and 2029.
In the region, Japanese equity markets were closed for the Emperor’s Birthday holiday. Hong Kong’s Hang Seng Index rose 1.46 percent, while China’s Shanghai market is set to resume trading on Tuesday.
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