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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Seoul stocks opened at a fresh record high Friday after surging past 9,000 the previous day, boosted by a continued chip rally amid an artificial intelligence boom.
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.
South Korean stocks closed at a fresh record high above 8,800 on Tuesday, led by gains at Samsung Electronics amid optimism over Artificial Intelligence.
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South Korean stocks surged past the historic 8,000-point mark on the KOSPI index Friday, driven by a continued rally in large-cap tech shares tied to artificial intelligence.
The MSCI Asia Pacific Index declined 0.3 percent amid broader losses in technology stocks. Samsung shares dropped more than 5 percent despite a strong profit increase.
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South Korean stocks opened sharply higher Wednesday on semiconductor gains, prompting the Korea Exchange to trigger a buy-side sidecar that suspended program trading for five minutes.