KOSPI jumps 3% as Goldman keeps 12,000 target

South Korea’s KOSPI climbed about 3% on Monday as investors moved into semiconductor stocks, while Goldman Sachs maintained a 12‑month target of 12,000 for the index.

The benchmark opened 3.34% higher at 6,910.78 and was trading up 2.97% at 6,886.09 by late morning in Seoul. Samsung Electronics rose 4.91% and SK Hynix gained 8.4%. Other chip-related names higher included SK Square, up 5.67%, and Hanmi Semiconductor, up 5.43%. Foreign and institutional investors were net buyers in the early session, while retail investors were net sellers.

The rally followed strength in U.S. semiconductor shares after a major artificial intelligence model unveiling, which helped lift the PHLX Semiconductor Index by 3.38% on Friday. That momentum focused buying on large-cap memory manufacturers and suppliers in Seoul.

Local trading tallies showed foreigners and institutions bought about 768.4 billion won of shares early in the session, and retail investors sold about 812.2 billion won. KB Securities projects memory inventories at Samsung and SK Hynix will remain tight and expects next year’s DRAM and NAND demand to exceed supply by more than 10 percentage points. Mirae Asset raised its price targets for Samsung to 400,000 won and for SK Hynix to 3.1 million won.

Goldman Sachs’ Asia‑Pacific equity strategist Timothy Moe reiterated the 12‑month KOSPI target of 12,000, implying roughly 80% upside from current levels. Goldman’s analysis estimates the index is trading at about 5.3 times forward earnings and maintained the view that an AI-driven memory cycle could last longer than current market expectations.

Regional markets were mixed. Japan’s Nikkei rose about 2.2%, Chinese blue chips added around 0.2%, and the MSCI Asia‑Pacific index excluding Japan climbed roughly 1.1%. European equity futures were slightly lower, while S&P 500 and Nasdaq futures were little changed during the U.S. holiday.

The broader macro environment was a source of uncertainty. Stronger U.S. jobs data, rising oil prices and the prospect of a Federal Reserve rate increase this month presented headwinds. Brent crude traded near $97 a barrel and U.S. West Texas Intermediate moved above $92 after renewed tensions around the Strait of Hormuz. ANZ analysts assessed the escalation reduced the likelihood of a quick return to normal Middle East oil flows. The U.S. 10‑year Treasury yield was around 4.78% and markets were pricing roughly a 58% chance of a September Fed rate increase.

Korean chipmakers supply a large share of global DRAM and NAND, so changes in expectations for AI server and data-center demand can quickly affect earnings forecasts and target prices. That connection concentrated investor buying in memory-related stocks on Monday despite the uneven macro signals.