KOSPI Surpasses 6,150: Key Reasons for Foreigners' Semiconductor Buying Spree and H2 Market Outlook
The KOSPI has surpassed 6,150 for the first time, driven by foreign investors' aggressive buying of semiconductor stocks. We analyze the market outlook coupled with the Bank of Korea's new Won settlement network and expanding AI infrastructure investments.
On July 22, 2026, the KOSPI index surpassed the 6,150 mark for the first time in history. This bullish run is being spearheaded by a massive wave of buying from foreign investors targeting major semiconductor stocks such as Samsung Electronics and SK Hynix. In particular, the impending trial operation of the Bank of Korea's BOK-WireInt (a cross-border Won settlement network) in September is acting as a powerful catalyst for foreign capital inflows.
Two Main Drivers Behind the Foreign Capital Flood into Semiconductor Stocks
There are two primary factors driving the recent influx of foreign supply and demand in the domestic stock market. The first is the explosive increase in demand for global AI infrastructure. As global big tech companies aggressively expand their AI investments, the strong performance of domestic companies—which form the core of the next-generation memory semiconductor supply chain, including HBM (High Bandwidth Memory)—is becoming an established fact. Samsung Electronics' expansion of HBM supply and SK Hynix's robust response to AI server demand have drawn strong interest from foreign buyers.
The second factor is the structural improvement in foreign exchange market accessibility. The 'BOK-WireInt' network, which the Bank of Korea will test starting in September, will operate 24 hours a day on business days. This allows global investors to conduct Won currency exchange and fund settlement without being restricted by time zones, ultimately raising the attractiveness of the KOSPI market. Analysts assess that this also gives a green light to South Korea's potential inclusion in the MSCI Developed Markets Index in the long term.
Will the Second-Half Market Rally Continue? Key Points to Watch
With the U.S. Federal Reserve signaling a 'data-driven' and cautious interest rate cut based on slowing inflation indicators, the preference for risk assets is expected to continue for the time being. Expectations for increased dividends from major companies following the government's 'Value-up' corporate enhancement policy are also providing solid downside support. However, caution is advised as potential 'AI investment profitability concerns'—which may surface around the earnings announcements of major big tech companies like Alphabet—could increase short-term volatility.
Frequently Asked Questions (FAQ)
Q1. How long will the concentrated foreign buying of semiconductor stocks last?
Experts believe the global AI server investment cycle will remain robust into next year. Furthermore, with the significant improvement in settlement convenience due to the trial operation of BOK-WireInt in September, it is highly likely that foreign capital inflows will continue as a mid-to-long-term trend throughout the second half of the year rather than a short-term theme.
Q2. Is it still valid to enter large-cap semiconductor stocks at this point?
Short-term profit-taking may occur following the breakthrough of the all-time high. However, given their unrivaled position as AI semiconductor suppliers and clear signs of earnings improvement in the second half, the general consensus among brokerages is that a strategy of accumulating on dips remains advantageous.