JAKARTA - The South Korean stock exchange closed trading Friday with a new record. The KOSPI index jumped after technology and artificial intelligence stocks were hunted by the market, triggered by news of Nvidia founder Jensen Huang's plan to visit South Korea next week.
According to Yonhap's report, Friday, May 29, the KOSPI rose 290.86 points or 3.55 percent to 8,476.15. The South Korean stock exchange's benchmark index briefly touched an intraday record, the highest level in a single trading session, at 8,615.09.
This rally came a day after KOSPI fell 0.53 percent. Previously, the index had risen four consecutive sessions since May 21 and broke through the 8,000 point level for the first time on Tuesday.
Market sentiment was also helped by news from the Middle East. Last night's report said the United States and Iran had reached an agreement to extend the ceasefire for 60 days and continue talks on Tehran's nuclear program.
However, the main driver remains technology stocks. The news of Huang's visit made a number of stocks associated with the agenda to strengthen.
"Supported by the rise in major stocks, KOSPI rebounded after news of Jensen Huang's visit plan emerged," said Lee Kyung-min, analyst at Daishin Securities, quoted by Yonhap. "Stocks related to Huang's visit to Korea closed in the positive zone."
Samsung Electronics shares jumped 5.84 percent to 317,000 won. Its rival in the chip business, SK hynix, rose 1.92 percent to 2.33 million won.
LG Electronics soared 29.93 percent to 293,000 won. Naver also rose sharply 14.15 percent to 234,000 won. The two companies are reportedly on the agenda for Jensen Huang's visit to Korea.
Automotive shares also strengthened. Hyundai Motor rose 6.79 percent to 723,000 won, while Hyundai Mobis strengthened 11.95 percent to 768,000 won.
In other sectors, LG Energy Solution rose 3.62 percent to 458,000 won. Celltrion added 1.53 percent to 192,900 won.
However, not all stocks rose. Hana Financial Group fell slightly 0.17 percent to 115,100 won. Food producer Nongshim shares fell 0.77 percent to 385,000 won.
Yonhap noted that the trading volume reached 701.5 million shares worth 73.7 trillion won or about 48.9 billion US dollars. The number of shares that fell was actually more than the rising ones, namely 686 to 205. This shows that the index increase is mainly supported by large-cap stocks.
Foreign investors and retailers recorded net sales, i.e. the selling value is greater than the purchase value. Foreigners sold shares worth 1.04 trillion won, while individual investors sold net 1.4 trillion won. On the other hand, institutional investors, such as investment managers and financial institutions, bought shares worth 2.37 trillion won.
In the money market, the Korean won weakened. At 15.30 local time, the won was at 1,507.9 per US dollar, down 5.1 won from the previous session.
"This KOSPI record shows the strength of AI sentiment on the Korean exchange. However, trading data shows that not all stocks have enjoyed market gains."
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