SEOUL, May 12 (AJP) - South Korea’s benchmark KOSPI barreled toward the 8,000 threshold on Tuesday, nearing another four-digit milestone in just five trading sessions after first testing 7,000, as chip shares continued to attract fear-of-missing-out retail demand.
As of 9:46 a.m., the KOSPI stood at 7,939.73, up 1.5 percent, while the tech-heavy KOSDAQ gained 0.83 percent to 1,217.40.
The rally was driven largely by strong buying from retail and institutional investors. Individuals purchased a net 1.2 trillion won worth of local shares, while institutions added a net 368.4 billion won. Foreign investors, however, sold a net 1.59 trillion won.
Market momentum remained heavily concentrated in AI-linked heavyweights, with decliners outnumbering gainers 609 to 267 on the main bourse.
Major chipmakers continued their climb, with Samsung Electronics rising 0.35 percent to 286,500 won and SK hynix advancing 2.77 percent to 1,932,000 won, both heading toward fresh milestones.
The upbeat mood followed another strong overnight rally in U.S. semiconductor stocks. Qualcomm surged 8.42 percent, Micron Technology climbed 6.50 percent, Western Digital gained 7.46 percent and Seagate Technology advanced 6.56 percent, lifting the Philadelphia Semiconductor Index 2.59 percent.
On Wall Street, major U.S. indexes ended modestly higher despite mounting uncertainty in the Middle East. The S&P 500 and Nasdaq both closed at fresh record highs as investors continued betting heavily on the durability of the AI boom.
U.S. President Donald Trump said the ceasefire with Iran was “on massive life support” after dismissing Tehran’s latest proposal as “garbage,” while also hinting at the possibility of renewed military action.
The remarks helped push Brent crude futures up 2.9 percent to settle at $104.21 per barrel, reviving concerns over energy supply disruptions and inflationary pressure.
Back in Seoul, sector performance remained mixed.
Among automakers, Hyundai Motor gained 3.10 percent to 666,000 won, while Kia slipped 1.77 percent to 171,600 won.
Industrial and energy shares traded broadly higher, with LG Energy Solution rising 1.92 percent to 477,000 won, Doosan Enerbility climbing 3.44 percent to 132,400 won and HD Hyundai Heavy Industries jumping 5.26 percent to 721,000 won.
Technology-related shares also advanced. SK Square gained 2.19 percent to 1,213,000 won, while Samsung Electro-Mechanics added 3.00 percent to 927,000 won.
Financial stocks were mixed. Samsung Life Insurance rose 3.84 percent to 311,000 won, Shinhan Financial Group added 1.54 percent to 98,700 won and Mirae Asset Securities advanced 1.76 percent to 80,800 won. KB Financial Group, however, edged down 0.13 percent to 158,600 won.
Biotech and defense shares underperformed. Samsung Biologics slipped 0.21 percent to 1,455,000 won, while Hanwha Aerospace fell 0.84 percent to 1,304,000 won.
The Korean won remained weak, trading above 1,480 per dollar compared with the previous close of 1,472.40 won.
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