Kospi hits new high as market value tops W4,000tr

South Korea’s benchmark Kospi climbed to a fresh all-time high Friday, breaking past the 4,800 level for the first time, as the market’s total capitalization also topped 4,000 trillion won ($2.7 trillion).

The Kospi closed at 4,840.74, gaining 43.19 points, or 0.9 percent, from the previous session. During intraday trading, the index surged as high as 4,855.61. It was the first time the Kospi hit above the 4,800 threshold in both intraday trading and closing.

With the rally, the index’s combined market capitalization reached 4,004.88 trillion won, surging above the 4,000 trillion won mark for the first time.

The milestone comes just three months after the index’s combined market capitalization surpassed 3,000 trillion won for the first time on Oct. 15, when it reached 3,011.9 trillion won.

The Kospi’s advance is seen as being driven by gains in semiconductor stocks, tracking overnight gains in US tech shares.

Market heavyweight Samsung Electronics jumped 3.47 percent to 148,900 won, with its market capitalization standing at 881.43 trillion won. The stock climbed as high as 149,500 won a share, nearing the 150,000 won mark during intraday trading.

"Solid investment sentiment on artificial intelligence is underpinning the market," Lee Kyung-min, a researcher at Daishin Securities, said.

Retail investors were net sellers on the main board, offloading 938 billion won worth of shares, while foreign and institutional investors drove the rally with net purchases of 405 billion won and 338 billion won, respectively.

The secondary bourse Kosdaq closed at 954.59, advancing 3.43 points, or 0.36 percent, on-session.

The Korean won was quoted at 1,473.6 per dollar, weakening by 3.9 won from the previous session.