The index closes at 6,690.90 after rebounding from early declines tied to AI-investment worries while the won weakens to 1,479 per dollar
Dealers work at the dealing room of Shinhan Bank in Jung-gu, Seoul, on the afternoon of the 29th. The KOSPI closed at 6690.90, up 49.88 points (0.75%) from the previous trading day. The won-dollar exchange rate finished at 1479.0 won, an increase of 5.4 won from the prior day’s close. (Photo courtesy of Shinhan Bank)
On April 29, the KOSPI index surpassed the 6690 mark, setting a new record high for the third consecutive trading day.
According to the Korea Exchange on the day, the KOSPI index closed at 6690.90, up 48.88 points (0.75%) from the previous day. This marks the first time the KOSPI has ever surpassed the 6690 level.
Immediately after opening, the index started at 6619.00, down 22.02 points (0.33%) from the previous day, but it successfully rebounded in the afternoon. During the session, it rose to as high as 6701.26.
The KOSPI opened lower due to concerns about the sustainability of AI investment after The Wall Street Journal (WSJ) reported overnight that OpenAI had failed to meet its internal targets for new user numbers and revenue. Samsung Electronics and SK hynix, the two semiconductor giants heavily influenced by AI investment, also started the day with declines.
However, in the afternoon, the Financial Times (FT) assessed the current situation as an ‘unprecedented supercycle’ and reported that “Samsung Electronics will increase its facility investment this year.”
Following this news, Samsung Electronics’ stock price turned positive, closing at 226,000 won, up 4,000 won (1.8%) from the previous day.
Among other large-cap stocks, HD Hyundai Heavy Industries, Samsung SDI (4.71%), LS ELECTRIC (4.40%), Hyundai Rotem (7.98%), SK innovation (12.63%), HD Hyundai (7.31%), S-Oil (13.14%), LS (3.98%), Taihan Cable & Solution (3.08%), Korean Air (3.08%), and GS (6.90%) saw significant gains.
In contrast, SK hynix (-0.54%), Samsung Biologics (-2.06%), Samsung Electro-Mechanics (-1.43%), Celltrion (-1.45%), Hanwha Ocean (-1.19%), Hyundai Mobis (-1.79%), Mirae Asset Securities (-1.17%), Hanmi Semiconductor (-2.59%), LG Electronics (-3%), and Samsung Fire & Marine Insurance (-3.93%) declined.
Retail and institutional investors drove the index up, purchasing 167 billion won (approximately $113.2 million) and 478.2 billion won worth of stocks, respectively, while foreign investors sold off 607.1 billion won.
In the Seoul foreign exchange market today, the won-dollar exchange rate started at 1,474 won and showed an upward trend during the session, closing the day’s trading at 1,479 won.
The rise was influenced by the increase in international oil prices, a key variable for the exchange rate. With peace talks between the U.S. and Iran at a standstill, the price of benchmark Brent crude surpassed $110 per barrel, while prices for Dubai crude and West Texas Intermediate (WTI) exceeded $100 per barrel.
Despite the high oil prices, month-end negotiation volumes from exporters, specifically dollar-selling supplies, exerted downward pressure on the exchange rate.
Yoon Young-sil
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