Chip giants push KOSPI past 9,000, masking broader market weakness

KOSPI set another record on Thursday, surpassing the 9,000 mark for the first time on a strong rally in large-cap semiconductor and IT stocks.

However, the broader market continued to show signs of deepening polarization, with small- and mid-cap stocks increasingly left behind.

According to the Korea Exchange, the benchmark index closed at 9,063.84, up 2.25 percent from the previous session.

The index briefly rose as high as 9,106.07 before paring some gains ahead of the closing bell.

Foreign investors led the rally, buying a net 1.44 trillion won ($942.6 million) worth of shares.

Retail and institutional investors, meanwhile, offloaded a net 543.9 billion won and 680.3 billion won, respectively.

The secondary Kosdaq market closed at 1,000.93, down 3.01 percent.

The index was dragged lower by foreign and institutional selling, despite retail investors’ net purchases.

The exchange rate stood at 1,527.1 won per dollar, with the Korean currency depreciating by 13.7 won from the previous session, driven by dollar strength following the hawkish Federal Open Market Committee (FOMC) meeting o