(LEAD) KOSPI tops another historic milestone 9,000 on chip rally

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SEOUL, June 18 (Yonhap) -- Seoul stocks crossed another round-number milestone of 9,000 for the first time in their history Thursday, buoyed by an extended rally in chipmakers and other artificial intelligence (AI)-related stocks, in the face of a hawkish stance by the U.S. Federal Reserve and Iran uncertainty.

The benchmark Korea Composite Stock Price Index (KOSPI) added 129.42 points or 1.46 percent to 8,993.66 as of 1:52 p.m., after rising as high as 9,040.52.

It took less than a month for the index to top the new milestone, after breaking the 8,000-point mark on May 26.

The index had delivered a record-breaking run for five straight sessions since last Thursday on the peace agreement reached between the United States and Iran, as well as extended optimism for the AI sector.

The KOSPI broke above the 3,000 mark on June 20, 2025, and surpassed 4,000 points on Oct. 27, 2025.

On Jan. 22, it hit 5,000 points and touched 6,000 points on Feb. 25.

The dealing room in Hana Bank in Seoul, on June 18, 2026. (Yonhap)

The benchmark index was led by the country's two chip giants -- Samsung Electronics and SK hynix -- on continued confidence over AI and related sectors.

Shares of Samsung Electronics have risen 188 percent since the start of the year, while SK hynix vaulted over 287 percent during the past six months.

Single-stock leveraged exchange traded funds (ETFs) tied to the two semiconductor makers provided further liquidity into the market.

Investor sentiment was also uplifted by the news that the U.S. and Iran agreed on a peace deal to reopen the Strait of Hormuz, a key oil shipping route.

"Nearly 70 percent of deals on DRAMS used in AI servers are made under long-term contracts, while stocks in non-chip sectors were boosted by capital market reforms, shareholder-friendly policies and cancellation of treasury stocks," said Lee Kyoung-min, an analyst from Daishin Securities.

The analyst expected the KOSPI to break new peaks, possibly the uncharted 10,000-point level, on the back of sound corporate earnings and continued inflows of liquidity into the market, but noted that a short-term correction could take place along the way.