SEOUL, April 30 (AJP) - South Korea's main index is set to end weekly session at fresh historic high, breaking above the 6,700 mark for the first time as foreign buying fended off local profit-taking.
The KOSPI rose 0.4 percent to 6,713.16 as of 11:20 a.m. Thursday, testing above 6,700 mark for the first time. Foreign investors bought 332.7 billion won($224 million), while institutions and retail investors sold 214.9 billion won and 90.4 billion won, respectively.
The markets are closed Friday for Labor Day.
Samsung Electronics edged down 0.1 percent to 225,750 won, failing to sustain earlier gains despite reporting record first-quarter earnings. The company posted operating profit of 57.23 trillion won, up 756.1 percent from a year earlier with the bulk, 53.7 trillion driven won from chip sales. Revenue jumped rising 69.2 percent to 133.87 trillion won and net profit surged 474.3 percent to 47.22 trillion won.
SK hynix rose 0.8 percent to 1,303,000 won, tracking gains in global semiconductor stocks amid sustained demand for AI-driven memory products.
LG Electronics jumped 5.8 percent to 143,700 won after reporting first-quarter operating profit of 1.67 trillion won, up 32.9 percent from a year earlier, with revenue rising 4.3 percent to a record 23.73 trillion won, driven by solid performance in home appliances and vehicle components.
However, gains were capped as cyclicals and heavy industry shares declined. Hyundai Motor fell 2.9 percent to 540,000 won, while LG Energy Solution dropped 1.6 percent to 465,500 won. Doosan Enerbility slipped 0.8 percent to 128,200 won. Defense and shipbuilding stocks also edged lower, with Hanwha Aerospace down 0.6 percent and HD Hyundai Heavy Industries losing 0.4 percent.
Investor sentiment remained cautious amid rising global uncertainties. Brent crude hovered above $110 per barrel on Middle East tensions, raising inflation concerns, while the Federal Reserve maintained a cautious stance on interest rates after holding the target range for the third straight session. The Volatility Index (VIX) rose 5.5 percent to 18.8, signaling a pickup in market uncertainty.
Overnight, U.S. stocks closed mixed as investors weighed concerns over OpenAI’s growth outlook against strong earnings momentum from major technology firms. The Dow Jones Industrial Average fell 0.6 percent, while the S&P 500 slipped 0.04 percent and the Nasdaq Composite edged up 0.04 percent.
Subsequent earnings reinforced the AI investment narrative. Microsoft reported an 18 percent increase in quarterly revenue to $82.89 billion, with cloud revenue rising 29 percent. Alphabet posted a 22 percent rise in revenue to $109.9 billion, while its cloud division surged 63 percent.
Amazon reported a 16.6 percent increase in revenue to $181.5 billion, all exceeding expectations.
Supporting sentiment, the Philadelphia Semiconductor Index rose 2.4 percent, indicating that global chip demand remains resilient despite recent volatility in AI-related stocks.
The junior KOSDAQ underperformed, falling 1.0 percent to 1,208.1, as foreign and institutional investors sold a combined 249.7 billion won, offsetting buying of 292.3 billion won by retail investors.
Among major KOSDAQ stocks, Ecopro fell 2.3 percent to 156,300 won, Alteogen declined 1.5 percent to 374,500 won, and Samchundang Pharm dropped 4.4 percent to 423,500 won. In contrast, Rainbow Robotics rose 1.8 percent to 676,000 won on continued interest in AI-related automation.
Regionally, Hong Kong’s Hang Seng Index fell 0.6 percent, while China’s Shanghai Composite rose 0.1 percent. Japan’s Nikkei 225 dropped 1.2 percent as investors locked in gains following recent rallies.
The Korean won weakened to 1,485.8 per U.S. dollar amid spike in oil prices.
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