KOSPI index tops 7,000 for first time on chip rally
South Korea's benchmark KOSPI index reached a record high on Wednesday by climbing above the 7,000-point milestone for the first time. The index rose as much as 5.4 percent during early trade as shares of major chipmakers Samsung Electronics and SK Hynix both gained more than 10 percent.
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South Korea's KOSPI index rose 5.4% to a record 7,311.54, crossing the 7,000-point milestone for the first time. The May 6 rally pushed the benchmark to its highest historical level following a surge in semiconductor demand. Investors view the breakthrough as a signal of sustained strength in the global technology hardware cycle.
