The domestic stock market has completely shaken off geopolitical instability in the Middle East and set a new record. The KOSPI index surpassed its pre-war peak, achieving a historic high. This is interpreted as the result of large-scale inflows of foreign capital, driven by expectations for solid earnings improvements from individual companies. As investor focus shifted from short-term risk factors to fundamentals—corporate earnings—the stock market regained vitality. At the market close on the 21st, the KOSPI rose 2.72% to 6,388.47 points, breaking the all-time closing high from February 26th in just 37 trading days. The market drew an upward curve from the opening bell, fueled by active buying from foreign investors, and the momentum continued unabated into the afternoon. It showed a dramatic rebound, surging approximately 26% compared to the end of last month. SK Hynix broke through the 1.2 million won mark to set a new record high, while LG Energy Solution and Samsung SDI, representing the secondary battery sector, showed strong gains of over 11% and 19%, respectively. The key driver moving the market was, above all, optimism about corporate earnings. Starting with Samsung Electronics' announcement of strong first-quarter performance, prospects for profit improvements among major domestic companies have been raised, leading to a rapid recovery in investor sentiment. According to the Korea Exchange, foreign investors not only net purchased over 1 trillion won on that day alone but have also injected a cumulative total of over 5 trillion won into the market this month. This represents a complete reversal of the large-scale net selling trend that persisted for a month after the war. Securities experts unanimously agree that the market's center of gravity has clearly shifted toward earnings. One securities analyst analyzed, "The market is gradually becoming less sensitive to war risks," adding, "Improvements in corporate profitability are becoming a more important criterion for investment decisions." Global investment banks are also adjusting their KOSPI index targets upward in line with this trend. Goldman Sachs raised its 12-month target to 8,000 points, while JPMorgan presented a forecast of up to 8,500 points. The current price-to-earnings ratio (PER) of the KOSPI is estimated to be in the low 8x range. This is significantly lower compared to major markets like the US or Japan, and the prevailing opinion is that it remains undervalued, especially when considering the trend of increasing corporate profits. In particular, earnings improvements are expected not only in semiconductors but also across various sectors such as construction, energy, and securities, raising the possibility of an expansion in the market's upward momentum. Some experts pointed to stocks related to secondary batteries, solar power, and nuclear energy—referred to as 'Itaewon'—as the next-generation growth engines and mentioned additional buying opportunities. Ultimately, the domestic stock market is writing a new record based on the solid foundation of corporate earnings, which remain unshaken by external shocks. Even amidst the great uncertainty of war, investors chose corporate value proven by numbers, and as a result, the market has laid the groundwork for a new leap forward. With the earnings season ahead, market attention is now focused on how high it can soar.