KOSPI Surpasses 7,000 as Citi Maintains Optimistic Outlook Amid Tech Rally
South Korea's KOSPI index surged past the 7,000-point level on July 23 after rising 4.17% to close at 7,081.21, driven by a rebound in tech stocks and strong earnings from Alphabet Inc. The rally was fueled by Google’s second-quarter revenue of $119.8 billion—a 24% year-over-year increase—and robust growth in its cloud division. Samsung Electronics (005930.KS) and SK Hynix (SKHY), the index's top constituents, led the gains following a rebound from an earlier AI-driven selloff. Citi reaffirmed its 10,000-point price target for the KOSPI, suggesting over 50% upside potential. Analysts view the recent pullback as technical profit-taking rather than a fundamental shift in market dynamics. Despite rising oil prices and geopolitical tensions near the Strait of Hormuz tempering gains, the index's ability to hold above 7,000 remains key for confirming sustained momentum.
Topics: AI infrastructure demand Citi price target KOSPI stock market rebound