Seoul Stocks Close at Record High Amid AI-Led Rally, Tech Earnings Anticipation
KOSPI jumps 2.15% to 6,615.03 as chip and power equipment stocks surge ahead of Big Tech earnings
Quick Look
- Seoul's KOSPI index closed at a record high of 6,615.03, up 2.15%, driven by AI-related rally in semiconductor and power equipment stocks.
- Analysts cite anticipation over upcoming Q1 earnings from major tech companies including Samsung Electronics, SK hynix, Apple, Alphabet and Microsoft.
AI-generated summary
Seoul stocks shattered a new record Monday, closing at a fresh high, boosted by an artificial intelligence (AI)-led chip and power equipment rally, ahead of upcoming earnings releases from global big tech companies. The Korean won rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) closed up 139.4 points, or 2.15 percent, to 6,615.03. The record high closing comes amid growing anticipation over corporate earnings, amid strong earnings from major tech companies in the AI supply chain, including Samsung Electronics and SK hynix, Lee Kyoung-min, an analyst from Daishin Securities, said.
"Of them, we are seeing anticipation over companies related to AI data centers, particularly those in the AI value chain, such as semiconductor and power equipment companies," Lee added. Five of the Magnificent Seven (M7) companies are expected to release first quarter earnings soon, including Apple, Alphabet and Microsoft.
