The KOSPI surged to a fresh record on June 18 (KODEX 200 +3.4% to 146,945), led by SK Hynix +5.88% on AI/semiconductor demand, MSCI upgrade hopes, and the Strait of Hormuz reopening lowering oil. With risk-on momentum and supportive US futures, I expect the uptrend to extend, though a single-day pullback after the surge is the main risk.