KOSPI breaches 7,000 for the first time ever, surging 4.5% to 7,252 on chip rally

A Historic Threshold

South Korea's KOSPI crossed 7,000 for the first time in its history on May 6, 2026, surging 4.54% — 315.10 points — to reach an intraday high of 7,252.09 as of 09:01 KST. The index opened 2.25% higher at 7,093.01, then quickly extended its gains within the first few minutes of trade.

The rally was led by the semiconductor sector. SK Hynix (000660.KS) and Samsung Electronics (005930.KS) climbed sharply at the open, riding a wave of optimism sparked by strong overnight results from U.S. memory and AI-chip names — AMD ($AMD) rose 15% after its Q1 2026 earnings beat, and Micron ($MU) cleared $700 billion in market capitalization.

Geopolitical news added fuel. President Donald Trump announced he was pausing "Project Freedom," the U.S. military effort to escort ships through the Strait of Hormuz, citing progress in Iran negotiations. The move eased some of the supply-disruption premium that has weighed on risk assets since the conflict began.

The 7,000 milestone reflects a structural convergence: global AI infrastructure build-out driving demand for Korean-made DRAM and HBM, a tentative de-escalation in the Middle East, and improving corporate earnings across the index's heavyweight constituents.

A risk to the rally: April CPI came in at +2.6% year-on-year — a 21-month high driven by fuel prices — which may constrain the Bank of Korea's room to cut rates further.

Key dates: Bank of Korea May monetary policy meeting (date TBD); Q2 semiconductor export data (expected early June 2026).

Not investment advice. Verify all figures with primary sources before acting.