KOSPI Reclaims the 7,800 Level on a Double Boost, Surges 8%... Samsung Electronics Hits All-Time High [fn Market Close]

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[Financial News] The KOSPI jumped 8% in a single day after receiving a double boost from a labor-management agreement at Samsung Electronics and gains in the U.S. stock market. As Samsung Electronics closed at an all-time high, brokerage firms are raising their target prices.
\r\nAccording to the Korea Exchange (KRX) on the 21st, the KOSPI closed at 7,815.59, up 606.64 points, or 8.42%, from the previous trading day.
\r\nThe index opened 3.85% higher at 7,486.37 from the previous session. It then accelerated its gains during the day, surging 8% and reclaiming the 7,800 level. It was the first time in five trading days that the index had moved back above 7,800 intraday.
\r\nIn the main board market, institutions drove the rally by buying 2.9007 trillion won worth of shares. Individuals took profits, selling 2.6756 trillion won worth. Foreign investors appeared to turn into net buyers during the session, but ended up selling 221.2 billion won on a closing basis.
\r\nAmong the market-cap leaders, Samsung Electronics soared 8.51% to close at 299,500 won. That was its highest closing price on record. SK hynix rose 11.17% and finished at 1.94 million won.
\r\nBuying spread across semiconductor stocks, led by Samsung Electronics, after uncertainty was removed the previous day through the labor-management agreement. Overnight, the three major U.S. stock indexes all closed up more than 1%. The gains were supported by hopes for a ceasefire after U.S. President Donald Trump said talks with Iran had entered the final stage, while semiconductor shares strengthened after NVIDIA reported a surprise earnings beat.
\r\nA positive factor was also the upward revision of the outlook for the domestic market by a foreign brokerage. Nomura Securities raised its KOSPI target for this year to 10,000-11,000 points.
It also set Samsung Electronics' target price at 590,000 won and SK hynix's at 4 million won. Those are the highest targets among domestic and overseas brokerages.
\r\nThe KOSDAQ Index also closed at 1,105.97, up 4.73% from the previous session. The index opened 2.77% higher at 1,085.30 and at one point rose as high as 1,115.66 during the day.
\r\nIn the KOSDAQ market, individuals posted a net sell of 258.9 billion won. Foreign investors and institutions bought 136.7 billion won and 138.8 billion won worth of shares, respectively.
\r\nAs both the KOSPI and KOSDAQ Index surged by more than 5%, a sidecar was triggered in both markets at around 9:20 a.m. to temporarily suspend program buy orders.
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nodelay@fnnews.com Park Ji-yeon Reporter