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KOSPI hits intraday record above 6,750, ends lower after 3-day streak
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By
Jun Ji-hye
Published
Apr 30, 2026 3:49 pm
KST
Won weakens as hopes for US rate cuts fade
The benchmark KOSPI is displayed on a screen at the dealing room of Woori Bank’s headquarters in Seoul, Thursday. Yonhap
KOSPI briefly rose above the 6,750 mark during intraday trading to set a new high Thursday, but later gave up some of its gains and finished lower.
The benchmark index opened at 6,739.39, up 48.49 points, or 0.72 percent, from the previous close, and quickly climbed to 6,750.27, surpassing Tuesday’s intraday record of 6,712.73. It then turned downward in the afternoon and closed at 6,598.87, down 92.03 points, or 1.38 percent.
Despite the late-session decline, KOSPI has maintained an upward trend in recent days, driven by strength in semiconductor shares after four major Big Tech companies reported stronger-than-expected first-quarter earnings.
A day earlier, the benchmark had finished at a record 6,690.90, up 49.88 points, or 0.75 percent, marking its third straight session of record closing highs.
While some have raised concerns that the index may be nearing a peak, the broader brokerage consensus still favors further gains, driven by semiconductor stocks.
“Continued strength in the after-hours trading of three hyperscalers, excluding Meta, along with an upward revision of their combined capital spending to about $660 billion this year, points to sustained momentum in artificial intelligence demand and the investment cycle,” said Han Ji-young, an analyst at Kiwoom Securities. “This trend is likely to support upward revisions in earnings forecasts for Korean semiconductor companies.”
Market experts also argue that KOSPI’s valuation remains low, making it premature to view the market as overheated. The index’s forward price-to-earnings ratio is currently in the low 7.3 range, well below the level of 10 that is typically considered indicative of undervaluation.
“Although the market may go through a phase of short-term consolidation as it digests gains and eases overheating, the broader uptrend is likely to persist, driven by earnings-based valuation normalization,” said Lee Kyung-min, an analyst at Daishin Securities. “The impact of geopolitical risks has weakened as they have largely been priced in. A ceasefire agreement could trigger a strong rally, while a V-shaped rebound is possible if economic shocks remain limited.”
The secondary bourse Kosdaq, meanwhile, opened at 1,224.75, up 4.49 points, or 0.37 percent, from the prior session, but quickly reversed course to close at 1,192.35, down 27.91 points, or 2.29 percent.
In the Seoul foreign exchange market, the Korean won weakened as expectations for U.S. interest rate cuts diminished. The won opened at 1,486.5 per dollar, down 7.5 won from the previous close, and ended onshore trading at 1,483.3, down 4.3 won.
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