SEOUL, April 28 (AJP) — The KOSPI extended record-setting rally Tuesday with eyes on the 7,000 milestone, shrugging off the stalemate in U.S.-Iran talks even as the conflict nears the 60-day mark this week.
As of 11:00 a.m., the benchmark index rose 0.65 percent to 6,658.25, as foreign and institutional investors continued buying despite retail profit-taking. Market breadth remained tight, with gainers narrowly outpacing losers 424 to 409.
Investor sentiment was buoyed by expectations that strong earnings from U.S. technology heavyweights would reinforce momentum in Korea’s semiconductor- and IT-led market.
With a substantial share of S&P 500 firms already reporting solid first-quarter results, attention has shifted to earnings from five “Magnificent Seven” companies. Microsoft, Alphabet, Amazon and Meta are due Wednesday, followed by Apple a day later.
In U.S. trading, Nvidia surged 4 percent to a fresh intraday high on earnings optimism, while Alphabet gained 1.72 percent. Microsoft added 0.05 percent and Meta rose 0.53 percent, with Tesla up 0.63 percent. Apple slipped 1.27 percent.
The strength spilled over into Korean chipmakers. SK hynix climbed 2.55 percent to 1,325,000 won, hitting a 52-week high, while Samsung Electronics edged up 0.22 percent to 225,000 won.
South Korea’s broader rally has also lifted its global standing. Total market capitalization has surged more than 45 percent this year to about $4.04 trillion, overtaking the U.K. to rank as the world’s eighth-largest equity market, supported by global inflows into AI and semiconductor stocks.
Cyclicals joined the advance. Hyundai Motor jumped 7.06 percent to 561,000 won, while Kia rose 3.41 percent to 157,800 won. Battery makers were also firm, with Samsung SDI gaining 4.72 percent and LG Energy Solution up 0.97 percent.
Power equipment shares also remained firm, with Hyosung Heavy Industries up 0.96 percent at 3,979,000 won, extending gains since April 22 and continuing a run of successive record highs on expectations tied to AI infrastructure expansion and North American grid replacement demand.
Financial and industrial shares edged higher, with KB Financial Group and Samsung C&T both up 0.64 percent.
Losses were limited, though defense and shipbuilding stocks came under pressure. Hanwha Aerospace fell 1.10 percent, while HD Hyundai Heavy Industries slipped 0.74 percent.
On the KOSDAQ, the index dropped 0.84 percent to 1,215.87 as foreigners and institutions sold a combined 458.6 billion won, offsetting net buying of 461.3 billion won by retail investors.
Biotech stocks led declines, with AblBio plunging 19.86 percent, while Samchundang Pharm and LigaChem Biosciences also fell.
Battery-related shares bucked the trend, with EcoPro rising 3.07 percent and EcoPro BM gaining 2.17 percent.
In currency markets, the Korean won weakened slightly to 1,474.50 per dollar from 1,472.50 previously.
Elsewhere, Japan’s Nikkei 225 fell 0.54 percent to 60,211.50, retreating from a record high as investors positioned ahead of the Bank of Japan’s policy decision. Chip-related stocks led declines, with Advantest down 4.51 percent and SoftBank Group tumbling 7.14 percent.
Hong Kong’s Hang Seng Index slipped 0.52 percent, while China’s Shanghai Composite edged down 0.22 percent.
Regional markets face a shortened trading week, with Japan closed Wednesday and South Korea, China, Hong Kong and Taiwan shut Friday for Labor Day.
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