The South Korean KOSPI index closed above 9,000 points for the first time in history. On June 18, it reached 9,063.84 points, gaining 2.25% for the day.
But the record was much narrower than the headline suggests. The main growth was driven by Samsung Electronics and SK Hynix. These two companies account for more than half of the index by market capitalization, so their surge offset the weakness of most of the market.
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Two Stocks Set the Record
The main purchases of the day were shares of Samsung Electronics and SK Hynix. Both companies hit all-time highs, and the index got a strong boost due to their weight.
The reason is once again related to artificial intelligence. SK Hynix confirmed the supply of HBM4E samples, next-generation memory, to major AI clients. Such chips are used in high-performance systems and are linked to growing demand for infrastructure for Nvidia and large data centers.
Samsung also benefited from this story. Investors continue to bet on Korean memory manufacturers as key players in the global AI chain.
Most Stocks Fell That Day
Market breadth looked much worse than the index itself. Of the 917 stocks traded on the Korea Exchange, 791 closed lower.
This is an important detail. When the index hits a record but most stocks are falling, the growth becomes less sustainable. It depends not on broad market participation, but on a few of the largest companies.
This imbalance is clearly visible in individual sectors. Hyundai Motor lost 2.75%, Kia fell by 4.51%, and LG Energy Solution dropped 3.85%. So outside the semiconductor block, the session was far from festive.
AI Memory Became Investors’ Main Bet
The Korean market is now essentially trading one big story: demand for memory for artificial intelligence. SK Hynix is considered one of the key suppliers of high-speed memory needed for AI servers and graphics processors.
That is why any news about supplies, orders, and new generations of memory immediately moves the entire index. The more the market believes in the continuation of the AI cycle, the higher the premium for companies providing this infrastructure.
Samsung Life Insurance and SK Square saw a similar effect. Their growth was not related to their own business, but to stakes in the largest chip manufacturers.
Foreign Investors Boosted the Move
Foreign participants actively bought Korean stocks. Their net purchases for the day amounted to about 1.3 trillion won, or roughly $851 million.
This flow became one of the main factors behind the record. The money went into stocks with the clearest AI story, meaning primarily Samsung and SK Hynix.
For KOSPI, this creates a dual effect. On one hand, foreign demand confirms interest in the Korean market. On the other, it makes the index even more dependent on a few mega-companies and external demand for semiconductors.
Analysts Raised the Index Target
After the market closed, Daishin Securities raised its KOSPI forecast for 2026 from 8,800 to 11,500 points. Analyst Lee Kyung Min linked the index’s further potential to revised profit forecasts for chipmakers.
In other words, KOSPI’s growth now directly depends on whether Samsung and SK Hynix can continue to improve earnings expectations. If profit estimates rise, the index could get new momentum.
But such a model makes the market vulnerable. Any slowdown in AI orders, a drop in memory prices, or disappointment in earnings reports could quickly hit the entire index.
Regulator Warned About Leverage Risks
South Korea’s financial regulator separately warned investors about the risks of leveraged products tied to Samsung and SK Hynix. This shows that retail interest in these stocks is growing not only through regular purchases but also through riskier instruments.
Such products can amplify upward movement when the market rises. But in the event of a reversal, they just as quickly increase losses and volatility.
For the regulator, this is a sensitive topic. If the index hits a record amid narrow growth and high concentration in two stocks, rising leveraged bets could become an additional source of instability.
KOSPI Crossed 1,000 Points in 16 Sessions
The index went from 8,000 to 9,000 points in just 16 trading days. This is a very rapid surge for a major stock market.
But the speed of growth alone does not guarantee sustainability. It is important whether participation from other sectors expands or the market remains hostage to two chip giants.
If banks, automakers, battery companies, and industrial groups join the rally, the record will look healthier. But if the move continues to rely only on Samsung and SK Hynix, any correction in semiconductors could quickly halt the entire index.
What’s Next?
The KOSPI record shows the strength of Korea’s AI segment, but not the strength of the entire market. Samsung and SK Hynix became the engines of growth, while most stocks declined on the same day.
For investors, the main question is no longer when the index will cross the next milestone. What matters more is whether growth will broaden or remain dependent on two companies and demand for AI memory.
The main takeaway is simple. South Korea has reached a historic KOSPI high, but this record is built on a very narrow base. As long as AI chips remain at the center of demand, the index can go higher. But if interest in Samsung and SK Hynix weakens, the weakness of the rest of the market will quickly become apparent.
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Источник: coinspot.io