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The Kospi broke through the 3,700 mark to set an all-time high on Thursday, with analysts saying the benchmark could top 4,000 within the year as stronger shareholder-return policies combine with the semiconductor rally. Samsung Electronics’ surge to a record close helped propel the index.

According to the Korea Exchange on Oct. 16, the Kospi finished at 3,748.37, up 2.49% from the previous session. The Kosdaq edged up 0.08% to 865.41.

The Kospi eclipsed Wednesday’s intraday record of 3,659.91 just one day later, leaving fewer than 300 points before the 4,000 threshold.

In the Kospi market, institutions and foreigners were net buyers of 741.8 billion won and 652.8 billion won, respectively, while retail investors sold a net 1.4 trillion won.

Market bellwether Samsung Electronics closed at 97,700 won, up 2.84%, notching a new all-time high and surpassing its previous peak of 96,800 won from January 2021 after four years and nine months. SK hynix jumped 7.1% to 452,000 won, having touched an intraday record of 455,000 won. The gains followed overnight advances in major U.S. tech stocks, lifting domestic chipmakers. At the close, Samsung’s market capitalization stood at 578.35 trillion won and SK hynix at 329.42 trillion won.

Samsung’s momentum also reflects blockbuster third-quarter results. The company reported consolidated revenue of 86 trillion won and operating profit of 12.1 trillion won, up 8.72% and 31.81% year-on-year, respectively, with revenue at a record high.

“Despite the recent rally, Samsung trades at a price-to-book ratio of 1.4x, the lowest among global memory peers. We expect 100,000 won to serve as a strong support level for the stock going forward,” said Kim Dong-won, an analyst at KB Securities.

Optimism over a potential U.S.–Korea trade deal is sustaining a large-cap-led advance, analysts said. Reflecting expectations for further gains, client deposits hit a record 80 trillion won as of Oct. 13.

“The government is reinforcing its shareholder-return stance, including a third round of Commercial Act amendments,” said Kim Dae-jun, an analyst at Korea Investment & Securities. “Meanwhile, the Federal Reserve’s monetary easing has lowered rates, supporting higher equity valuations.”