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KOSPI outlook after record highs: semiconductors, dollar and earnings in focus

South Korean stocks are extending a record-high run, keeping attention on factors likely to drive the market next. The market sees a semiconductor-led rally likely to continue for now despite near-term overheating concerns, but expects sector moves to diverge depending on the U.S. Federal Reserve’s policy rate decision, whether the dollar turns weaker and the direction of international oil prices. Investors are also watching the corporate earnings season for guidance.