KOSPI Reaches New High for the Year

The benchmark Korea Composite Stock Price Index reached the highest level so far this year on Tuesday, rising 1.04 percent to close at 2,585.52 points.

Chipmakers led the rally. Samsung Electronics rose 2.84 percent to W72,300, while SK Hynix increased 1.01 percent to W110,300 (US$1=W1,320). Samsung shares reached a new 52-week high, while SK Hynix stocks rose for three consecutive sessions.

Their shares rose on buoyant foreign investor sentiment thanks to widespread forecasts that the semiconductor industry slump has bottomed out.

Last week, Nvidia, a key supplier of artificial intelligence-related hardware and software, announced higher-than-expected earnings, causing its share price to surge 24 percent in one day.