Kospi Surges 75% as Samsung and SK Hynix Drive Two-Thirds of Rally

9 articles · Updated · Bloomberg · May 19

South Korea’s Kospi has jumped 75% this year, but roughly two-thirds of that gain came from Samsung Electronics and SK Hynix, leaving the rally heavily concentrated.
Record profits at the two chipmakers powered the advance, making semiconductor earnings the main engine of what has become the world’s hottest major stock market.
That narrow leadership is raising concern that parts of the market are overheating because breadth remains weak even as headline index gains accelerate.
Some investors argue the surge still looks less frothy than past boom-bust cycles, citing valuations for the chipmakers that remain below regional and global peers.

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