The Kospi's close at 8,228.70 points is displayed on a screen in a trading room in central Seoul on May 27. [NEWS1]
Korean stocks surged on Wednesday after U.S. memory chipmaker Micron jumped nearly 20 percent overnight and pushed the Kospi above the 8,400 mark during intraday trading.
The Kospi closed at a record high of 8,228.70, up 2.25 percent from the previous session. The benchmark index briefly surpassed 8,400 during trading, and a buy-side sidecar — a temporary halt in program buying — was triggered shortly after the market opened as buying demand flooded in.
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Samsung Electronics and SK hynix, both of which hit fresh record highs at 307,000 won ($204) and 2.24 million won, respectively, led the rally. SK hynix also became the second Korean company after Samsung to join the “$1 trillion market capitalization club” on Wednesday.
