KOSPI Hits Record Highs Amid Global Headwinds and Oil Volatility

The KOSPI index closed at a fresh record high of 6,641.02 on Tuesday, marking a 2.6% gain over the last two trading sessions. Despite the momentum, the market faces a likely correction on Wednesday as profit-taking looms for investors. The rally was supported by strong performances across the financial, chemical, and automotive sectors. Notably, POSCO Holdings surged 11.74%, while LG Electronics and Samsung SDI saw gains of 7.60% and 7.09%, respectively. Hyundai Motor also climbed 5.92%, contributing to the index's ascent. However, the immediate outlook is clouded by weakness from Wall Street. The Nasdaq slumped 0.90% to 24,663.80, driven by concerns over AI infrastructure after reports that OpenAI missed internal targets for new users and revenue. The S&P 500 and Dow Jones Industrial Average also finished the session in the red. Geopolitical instability in the Middle East continues to drive energy costs, adding further pressure to global equities. West Texas Intermediate (WTI) crude for June delivery rose 3.57% to $99.81 per barrel, though prices moderated slightly following reports that Iran was preparing a revised peace plan. Traders expect Asian markets to struggle on Wednesday, splitting the difference between mixed European results and a weak lead from the US. With the KOSPI sitting just above the 6,640 plateau, the combination of tech sector pressure and elevated oil prices creates a challenging environment for sustained gains.