NEW YORK, January 3, 2026, 09:12 ET — Market closed
- Korea Exchange’s Kospi closed at a record 4,309.63 on Friday, led by heavyweight chipmakers
- Export data and company updates on AI-linked memory chips kept semiconductors in focus
- Next catalysts include CES, U.S. jobs data and the Bank of Korea’s Jan. 15 policy meeting
South Korean shares hit a record close on the Korea Exchange on Friday, with the Kospi ending up 2.27% at 4,309.63 after reaching 4,313.55 just ahead of the close. Samsung Electronics jumped 7.17% and SK hynix rose 3.99%, while the won weakened to 1,441.8 per dollar, Yonhap reported. Foreign investors bought a net 644.68 billion won of shares and the three-year government bond yield fell 1.8 basis points — a basis point is 0.01 percentage point — to 2.935%. 1
The record close matters because it landed as fresh trade numbers underscored how tightly Korea’s market is tied to a semiconductor-led export cycle. Government data showed 2025 exports rose 3.8% to a record $709.7 billion, with December shipments up 13.4% from a year earlier. 2
Currency markets remain the pressure point for overseas investors weighing Korea exposure. Bank of Korea Governor Rhee Chang-yong said recent dollar-won levels in the high-1,400s did not reflect economic fundamentals, even as the won sat near a 16-year low. 3
Chip-sector headlines added fuel. Samsung used a New Year address to highlight progress on HBM4, or high-bandwidth memory used in AI accelerators, and said it was in discussions to supply the chips to Nvidia, Reuters reported. Counterpoint Research data cited by Reuters put SK Hynix’s Q3 2025 HBM market share at 53%, versus 35% for Samsung and 11% for Micron. 4
The macro backdrop also firmed at the margin. An S&P Global survey showed South Korea’s factory activity returned to growth in December, with the PMI at 50.1 — just above the 50 mark that separates expansion from contraction — as export demand improved. 5
Elsewhere, corporate deal flow helped underpin selective strength outside mega-cap tech. Celltrion said it completed the acquisition of an Eli Lilly biologics manufacturing facility in Branchburg, New Jersey, and began contract manufacturing operations for Lilly under a 678.7 billion won contract. 6
Analysts are watching whether the rally can broaden beyond the top chip names without the won discouraging foreign inflows. “The KOSPI is expected to move within a 4,100 to 4,350 range in January,” Kim Yong-goo, an analyst at Yuanta Securities, said. 7
For the year, forecasts are wide and the debate has sharpened around currency risks and the durability of AI-driven chip demand. Research chiefs at major securities firms cited by Korea JoongAng Daily pegged a 2026 trading range spanning roughly 3,750 to 5,500, with some warning that a weaker won or disappointment in chip profits could amplify volatility. 8
Before the next session on Monday, traders will focus on whether foreign buying holds up after Friday’s record close and whether gains spread beyond semiconductors into the wider market.
Tech headlines from CES in Las Vegas — scheduled for Jan. 6–9 — are a near-term catalyst for global AI and chip sentiment, which often spills into Korea’s heavyweight names. 9
In macro, investors will also watch the U.S. employment report for December 2025 due at 8:30 a.m. ET on Jan. 9, a release that can swing the dollar and global risk appetite. 10
In Korea, the Bank of Korea’s next rate-setting meeting is scheduled for Thursday, Jan. 15, putting policy guidance on the currency and inflation back in play. 11
