KOSPI Surges to 7,000 as Samsung and SK Hynix Lead Chip Rally

The KOSPI index surged over 4% in a single day to close just below 7,000 due to optimism surrounding OpenAI's new AI model, Astra. Large-cap chip stocks like Samsung Electronics and SK hynix led the index higher as expectations grew for stronger demand and higher prices for high-capacity memory.

The rally was also driven by expectations of a prolonged earnings cycle, with Goldman Sachs chief Asia-Pacific equity strategist Timothy Moe maintaining his KOSPI target of 12,000 points. Foreign and institutional investors bought a net 2.5525 trillion won and 2.6398 trillion won, respectively, while retail investors sold a net 6.8274 trillion won.

In contrast, major life insurers sharply reduced their government bond investments and shifted funds into equities and infrastructure loans, citing concerns over valuation losses if long-term yields rise further.