KOSPI extended its bullish run, climbing more than 1% a new all-time high of 4,622.32 points as demand for semiconductor names remained strong

Most Asian stock markets dropped on Thursday, while South Korean shares hit new record highs after robust earnings forecasts from Samsung Electronics boosted sentiment.

Nikkei 225 shed 1% while the broader TOPIX index edged down 0.4%, extending losses after record highs earlier this week, as investors took profits.

Mainland Chinese bourses were subdued. The blue-chip Shanghai Shenzhen CSI 300 index dropped 0.4%, while the Shanghai Composite traded largely flat.

Hang Seng index slid 1.4%.

In contrast, South Korea’s benchmark KOSPI extended its bullish run, climbing more than 1% a new all-time high of 4,622.32 points as demand for semiconductor names remained strong.

Shares in Samsung Electronics jumped after the company forecast record fourth-quarter operating profit driven by booming demand for memory chips used in artificial intelligence applications, while rival SK Hynix also jumped to record levels on optimism over its high-bandwidth memory business.

Australian trade data released on Thursday showed the country’s trade surplus narrowed in November as exports slid and imports remained firm, a development that may temper near-term growth expectations for the region’s commodity-exposed markets.

The Australian Bureau of Statistics reported the goods trade surplus dropped to A$2.94 billion in November, below market forecasts, as shipments of key exports such as iron ore and gold declined.

S&P/ASX 200 index traded largely unchanged.

Straits Times Index also traded largely flat, while Nifty 50 ticked down 0.2%.

In related news, U.S. stocks closed largely lower overnight amid profit-taking after record highs. The stock index futures were largely unchanged during Asia hours on Thursday.