Seoul, April 27 (IANS) The total market capitalisation of companies listed on the local stock market surpassed 6,000 trillion won ($4.08 trillion) for the first time on Monday, boosted by anticipation for the semiconductor sector, industry data showed.

The combined market capitalisation of companies listed on the country’s three stock bourses stood at 6,047.9 trillion won as of early Monday morning, according to the data from the Korea Exchange (KRX), South Korea’s main bourse operator, reports Yonhap news agency.

The three markets are the benchmark Korea Composite Stock Price Index (KOSPI), the secondary KOSDAQ and the KONEX market for small and medium-sized enterprises.

South Korea’s major stock gauges were on a bullish run since the start of April amid anticipation for the country’s top chipmaking giants. The KOSPI advanced over 28 percent from April 1 to Friday, while the smaller KOSDAQ rose 14.4 percent during the same period, according to data from Yonhap Infomax, the financial arm of Yonhap News Agency.

Early this month, the country’s major semiconductor firms — Samsung Electronics and SK hynix — each posted record first-quarter earnings, boosted by high demand for semiconductors amid a global boom in artificial intelligence.

Meanwhile, Seoul stocks were trading up sharply late on Monday morning, despite uncertainties surrounding U.S.-Iran peace talks, as investors turn their focus to upcoming earnings releases from the country’s major conglomerates.

The benchmark Korea Composite Stock Price Index (KOSPI) was trading 139.64 points, or 2.16 percent, higher at 6,615.27 as of 11:20 a.m.

After opening sharply up, the index was on pace to set a new record, trading above the 6,600-point mark for the first time.

On Friday, U.S. stocks ended mixed, as investors sat on the sidelines as they pinned hopes on a breakthrough in peace talks between the United States and Iran.

Such hopes, however, faded, after U.S. President Donald Trump said he canceled a planned trip by Washington envoys to Pakistan for scheduled peace talks with Iran.

“But, improving business conditions and the earnings forecast of major companies, which once had been clouded by uncertainties by the Middle East, is now being reflected in the KOSPI,” said Lee Kyoung-min, an analyst from Daishin Securities.

In Seoul, most market top-caps were trading higher.

Chip giant Samsung Electronics added 2.05 percent, while its rival SK hynix jumped 6.38 percent.

—IANS

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