KOSPI nears 7,000 after 5-day winning streak

The KOSPI index achieved a significant milestone on Friday, briefly reaching the 7,000 level for the first time in three weeks. This milestone came as foreign investors increased their interest in semiconductor stocks, driven by a more optimistic outlook for the memory chip sector and a decrease in U.S. inflation concerns. The index managed to climb nearly 25% from its lowest point of 7,000 recorded on July 30.

At the close of the trading day, the KOSPI index stood at 6,977.94, reflecting a 2.42% increase from the previous session. Following a five-day winning streak, the index saw a slight decline as investors began to realize gains. Foreign investors contributed a net of 3.03 trillion won ($2.13 billion) to the market, while institutional and retail investors sold shares worth 1.02 trillion won and 1.98 trillion won, respectively.

Among the notable performers were SK hynix, which experienced a 3.26% rise, closing at 1,645,000 won, and Samsung Electronics, gaining 2.43% to finish at 274,500 won. This surge in the market was fueled by a more positive sentiment surrounding the memory chip sector. Sandisk's recent investor day presentation provided further optimism, as the company unveiled an upbeat long-term outlook and projected revenue growth in the mid to high-range.