KOSPI soars above 3,200 in intraday trading, KOSDAQ reclaims 800

U.S. tariff threats appear to be doing little to dampen investor sentiment in the local stock market with the KOSPI soaring past the 3-thousand-2-hundred mark at one point during trade on this Friday afternoon before closing its session slightly lower.

Our correspondent Kim Do-yeon covers the latest rally and more.

The benchmark KOSPI once again hit a new yearly high during intra-day trading on Friday surpassing the 32-hundred mark briefly for the first time in 3 years and 10 months at one point, reaching 3,216.

But it was a mixed trend as it fell later to close at 3,175.77, following a strong sell-off by foreign and institutional investors that caused it to briefly turn negative during the session.

Boosted by overnight gains in shares of U.S. tech, major Korean semiconductor stocks saw simultaneous strength.

SK hynix rose more than 3 percent during the session, briefly surpassing the 300,000 Korean won mark for the first time.

The KOSDAQ also opened slightly higher and reclaimed the 800 level during intraday trading for the first time in 12 sessions.

The total market capitalization also surpassed 3,000 trillion won for the first time.

While there are some concerns about a breather after the rapid short-term rally, the overall view is that upward momentum remains intact.

"It seems that continued expectations for the new administration's policies are still prompting some market funds to flow into the stock market. In addition, hopes for further discussions — such as on dividend taxes following the recent amendments to the Commercial Act — also appear to be having a positive impact on the domestic stock market."

This comes after Thursday, when the KOSPI closed at 3,183.23, its highest finish in 3 years and 10 months.

Comparing Friday's close to the lowest of the year on April 9, the KOSPI is up around 38.5 percent in a matter of 3 months.

With "reciprocal" tariffs from the U.S. scheduled to take effect next month, the market largely believes these concerns have already been priced in.

Expectations for interest rate cuts and an additional stock market stimulus are also seen as supporting investor sentiment.

The previous all-time high for the KOSPI was 3,316.08 points, recorded on June 25, 2021, and hopes are growing in the securities industry that this level could be surpassed soon.

Kim Do-yeon, Arirang News.