Kospi tops 7,000 for 1st time
2026.05.06 09:32
| Hana Bank dealers celebrate the Kospi's rise above 7,000 for the first time at a dealing room in Seoul on Wednesday morning. (Yonhap) |
Seoul's benchmark Kospi opened above 7,000 for the first time Wednesday, as expectations that Middle East tensions may ease spilled into local markets and unleashed another sharp rally.
The index started trading at 7,093.01, up 2.25 percent from the previous close, before extending gains sharply in the opening minutes. It jumped as high as 7,311.54 and was hovering near 7,280 as of 9:15 a.m.
The explosive advance triggered a buy-side sidecar about six minutes into the session, after Kospi 200 futures surged more than 5 percent, temporarily halted program sell orders for five minutes. It marked the eighth buy-side sidecar this year.
The market's two largest chipmakers also set fresh records, with Samsung Electronics topping 250,000 won and SK hynix breaching 1.6 million won for the first time.
Wendesday's rally tracked a rebound in New York markets, where easing oil prices and hopes of cooling Middle East tensions revived risk appetite Tuesday. The S&P 500 rose 0.8 percent and the Nasdaq climbed 1 percent to fresh records, while the Dow Jones Industrial Average gained 0.7 percent.
Kospi's 7,000 milestone came just over two months after the Kospi first crossed 6,000 on Feb. 25, and about three months after it reached 5,000 on Jan. 22. From its 2025 closing level of 4,214, the index has climbed about 68 percent at Wednesday's opening level and more than 70 percent at its early intraday high.
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