South Korea's stock market has surpassed India's to rank as the sixth largest globally. The change stems primarily from strong gains by major chipmakers tied to artificial intelligence demand.
South Korea's stock market has now surpassed India's, becoming the world's sixth largest. This significant shift is largely due to the booming performance of its chip giants, Samsung Electronics and SK Hynix, which are central to the global artificial intelligence boom.
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South Korean stocks closed at a record high on May 27, driven by gains in semiconductor shares.
India has regained its position as the sixth largest economy by market capitalization following a sharp decline in South Korea's stock market. The shift came after major South Korean companies saw steep losses in value. Indian markets showed relative stability amid the changes.
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Taiwan has overtaken India to rank as the fifth largest stock market in the world by capitalization. The change stems from a rally in artificial intelligence stocks led by semiconductor firms.
Asian stocks reached a record high amid gains in technology shares and reduced geopolitical tensions. South Korea's SK Hynix achieved a $1 trillion market capitalization. Hopes for a US-Iran peace deal supported equity markets despite mixed US consumer confidence figures.
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South Korean stocks opened at a fresh record high Tuesday, with the benchmark KOSPI rising to 8,893.19 amid continued optimism in artificial intelligence-related shares.
South Korean stocks nosedived more than 8 percent shortly after opening Monday, triggering a 20-minute trading halt amid concerns over tech shares and rising inflation.
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South Korean stocks opened at a fresh record high on Thursday, moving closer to the historic 8,000 milestone on the benchmark KOSPI index amid strength in large-cap tech shares.