Precise Investors Editorial Team
The KOSPI surged around 5% to a record high of 8,874.16 points, buoyed chiefly by gains in tech
Most Asian stocks rose on Monday, buoyed chiefly by gains in technology as optimism over artificial intelligence helped markets.
KOSPI was a standout performer, hitting a record high on continued gains in chipmaking and electronics stocks with exposure to AI.
The KOSPI surged around 5% to a record high of 8,874.16 points, buoyed chiefly by gains in tech.
Memory chip giants Samsung Electronics Co Ltd and SK Hynix Inc both climbed almost 10% to record highs, while LG Electronics Inc surged around 30%.
The stocks were buoyed by a host of reports suggesting that NVIDIA Corporation CEO Jensen Huang will meet major South Korean tech executives when he visits the country later this week.
Broader Asian stocks were mixed, with Japanese shares gaining, while others were mixed.
Nikkei 225 added 1%, buoyed chiefly by gains in tech. SoftBank Group Corp. was among the best performers on the index, surging more than 10% to a record high.
Monday’s gains also saw Softbank overtake Toyota Motor Corp to become Japan’s most valuable company. The tech conglomerate has benefited greatly from optimism over AI in the past year, especially given its exposure to OpenAI.
Other Japanese tech and AI stocks also advanced, with chip stocks Murata Mfg Co and Kioxia Holdings Corp advancing 14% and 11%, respectively.
Shanghai Shenzhen CSI 300 and Shanghai Composite indexes dropped 1% and 0.4%, respectively. Purchasing managers index data released on Sunday and Monday showed some cooling in manufacturing growth in May, keeping markets largely uncertain over the world’s second-largest economy. Hang Seng index added 0.5%, also buoyed by gains in tech.
ASX 200 shed 0.1%, Straits Times index was flat, while futures for Nifty 50 index declined 0.2%.
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