KOSPI, for the first time in history, surpasses the 6,500-point mark… Semiconductor market trend mainly driven by positive momentum

South Korea’s Composite Stock Price Index (KOSPI) first broke through 6,500 points during trading on April 23, 2026, continuing its record-high trend. Although tensions in the Middle East and the burden of rising international oil prices still exist, the domestic stock market more strongly reflected improved semiconductor performance and a healthy Korean economic growth rate.

According to data from the Korea Exchange on that day, the KOSPI index rose 57.88 points (0.90%) from the previous trading day, closing at 6,475.81 points, with an intraday high of 6,557.76 points, marking its first breakthrough of the 6,500-point threshold. After initially surpassing 5,000 points on a closing basis on January 27 this year, the KOSPI broke 6,000 points on February 25. Although the index was once threatened by the residual effects of the Iran war around the 5,000-point mark, it quickly recovered after April. After surpassing its previous high on the 21st, it has set new records for three consecutive trading days.

The core driver of the rise is semiconductors. Samsung Electronics announced temporarily at the beginning of this month that its consolidated operating profit for the first quarter was 57.2 trillion won, a year-on-year increase of 755%, significantly exceeding the market average expectation of 38 trillion won. SK Hynix also released earnings before the market opened on the 23rd, stating that its first-quarter operating profit was 37.6 trillion won, up 405.5% year-on-year. The expansion of artificial intelligence infrastructure investment has driven demand, prices, and corporate profits in semiconductors, confirming expectations of a so-called semiconductor supercycle through actual figures. On that day, these two stocks reached intraday highs of 229.5k won and 1.27M won, respectively, hitting new highs for the year.

Overseas stock market sentiment and domestic economic indicators also supported investor confidence. In the overnight New York stock market, the Philadelphia Semiconductor Index rose 2.72%, marking its 16th consecutive day of gains, with strong performances from AI-related stocks and large tech firms. Additionally, the Bank of Korea announced preliminary statistics on April 23rd that Korea’s real GDP growth rate for the first quarter of 2026 was 1.7% quarter-on-quarter, significantly surpassing the February forecast of 0.9%, which was also viewed positively. The explanation for this was that exports of semiconductors and other products remained resilient, and domestic demand from investment and consumption also showed signs of recovery. Global investment banks have also raised their forecasts. Goldman Sachs adjusted its 12-month target for the KOSPI from 7,000 to 8,000 points, and JPMorgan Chase raised its maximum target from 7,500 to 8,500 points. Morgan Stanley also revised upward its earnings estimates for Samsung Electronics and SK Hynix for this year and next.

However, the market is not one-sided upward, and this has also been confirmed. Negotiations for a ceasefire between the U.S. and Iran are not going smoothly, and tensions related to the Strait of Hormuz led West Texas Intermediate crude futures to close at $92.96 per barrel, briefly exceeding $94 during the day, causing international oil prices to surge again. In the morning, rumors of Middle Eastern airstrikes circulating on platforms like Telegram caused oil prices to spike to $97.22 per barrel before falling back, exposing market instability. In fact, the KOSPI index briefly fell to 6,309.10 points during intraday trading, reversing from earlier gains, as foreign investors and institutions that had been net buying throughout the morning turned to net selling, increasing volatility. Since the stock market had surged nearly 30% just in April, the desire to take short-term profits also increased.

Ultimately, the current stock market more reflects the improvement in the semiconductor industry’s outlook, earnings growth, and signals of economic recovery rather than geopolitical risks. However, soaring oil prices, Middle East uncertainties, and short-term selling pressures from rapid gains still exist. If profits for Samsung Electronics and SK Hynix continue to grow and international oil prices stay manageable, further gains are possible; but if external shocks intensify again, intraday volatility could also further expand.