KOSPI Surpasses 3,500 for the First Time Ever... SK hynix Soars 8%

[Financial News] The Korea Composite Stock Price Index (KOSPI) surpassed the 3,500 mark for the first time ever on the 2nd.
According to the Korea Exchange (KRX), the KOSPI opened at 3,525.48, up 2.02% from the previous trading day. This marks the first time the KOSPI has broken through the 3,500 level.
Expectations that the Federal government of the United States shutdown will be short-lived, along with growing hopes for a rate cut by the Federal Reserve System (Fed), are believed to have driven the index higher.
Additionally, the strong performance of semiconductor stocks continued, as Micron Technology, Inc. surged more than 8% overnight in the U.S. market. As of 9:10 a.m., Samsung Electronics was up 4.07% and SK hynix was soaring 8.89% compared to the previous session.
Lee Sung-hoon, a researcher at KIWOOM Securities, stated, "The upward momentum in the domestic stock market, led by semiconductors, is expected to continue." He added, "Among the major export items announced for September, semiconductors reached a record high of $16.61 billion, up 22.0% year-on-year, driven by robust demand for High Bandwidth Memory (HBM) and rising memory chip prices."
hippo@fnnews.com Kim Chan-mi Reporter