South Korea's benchmark KOSPI index exploded higher on May 4, 2026, closing at a record 6,936.99, up 338.12 points or 5.12% from the previous session's close of 6,598.87 on April 30. The index opened at 6,782.93, touched an intraday high of 6,937.00, and saw heavy trading volume of around 873 million shares worth approximately 41.3 trillion won ($28.2 billion). This performance defied seasonal 'Sell in May' patterns and marked another milestone in the index's stellar 2026 run, with year-to-date gains exceeding 60% from January's 4,309 level. Yahoo Finance historical data confirms the surge's magnitude.
The rally was overwhelmingly driven by semiconductors, fueled by global AI demand and strong U.S. tech earnings. The sector's heavyweights propelled the index near the psychologically important 7,000 mark.
Foreign investors net bought 3-3.9 trillion won in shares, focusing on chips, while institutions piled in ahead of the Children's Day holiday closure. Korea JoongAng Daily highlights how this buying reversed recent dips.
Several factors converged:
The Kosdaq also rose 1.79% to 1,213.74, though losers outnumbered winners 473 to 392.
KOSPI's path this year has been volatile: surpassing 5,000 in January and 6,000 in February, then crashing 12-18% in March on U.S.-Iran war fears, before a 'beautiful comeback' to new highs. At a forward P/E of around 7.5-8x, valuations remain attractive versus historical peaks.
Analysts are bullish. JPMorgan eyes 8,500 in a bull case, Goldman Sachs 8,000, and locals project 7,500 by June end. Continued AI demand, earnings normalization, and foreign inflows could sustain momentum, though geopolitical risks and over-reliance on chips (Samsung/SK hynix ~41% of market cap) warrant caution.
This surge underscores South Korea's transformation into a top global performer in 2026, with semiconductors as the engine.
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