South Korean Stocks Scale Record High on Automaker Rally, AI Optimism
SEOUL: South Korean equities surged to a historic high on Monday, extending their winning streak as strong gains in automaker shares lifted market sentiment amid growing optimism over artificial intelligence and robotics technologies.
The benchmark KOSPI index closed 1.32% higher, rising 63.92 points to 4,904.66, marking its highest-ever closing level and registering gains for the 12th consecutive session.
Automobile manufacturers led the rally, with Hyundai Motor soaring 16.22% to an all-time high, posting its sharpest single-day gain since January 2021. Its affiliate Kia Corp advanced 12.18%, reflecting heightened investor interest in companies positioned to benefit from AI-driven mobility solutions.
“Automakers and LG Electronics attracted strong buying interest on expectations surrounding the development of ‘physical AI’ technologies,” said Lee Kyoung-min, analyst at Daishin Securities.
Technology-linked stocks also posted notable gains. LG Electronics climbed 8.64%, buoyed by optimism over smart appliances and robotics integration.
In the entertainment sector, HYBE jumped 8.92%, reaching its highest level since December 2021 after the K-pop powerhouse announced global tour plans for its flagship group BTS.
Market breadth remained mixed, with 398 stocks advancing and 489 declining out of 929 traded issues.
Foreign investors continued to provide support, emerging as net buyers of shares worth 552.3 billion won ($374.82 million).
In the currency market, the South Korean won edged up 0.01% to 1,473.7 per dollar, compared with its previous close of 1,473.9.
Bond markets weakened, with March futures on three-year government bonds falling 0.12 point to 104.97. The yield on the most actively traded three-year Korean treasury bond rose 4.1 basis points to 3.116%, while the benchmark 10-year yield climbed 7.4 basis points to 3.560%.
