South Korea’s benchmark stock index has reached a new milestone just one month after breaking through the 5,000 level, as surging global demand for memory chips fuels gains in the country’s largest semiconductor companies.

Samsung Electronics Co. announced Thursday that its net profit surged 21 percent in the third quarter from a year earlier, fueled by strong demand in its semiconductor business amid the global artificial intelligence (AI) boom.

Han Jong-hee, chief executive officer (CEO) and vice chairman of Samsung Electronics Co., on Wednesday apologized for recent declines in stock prices and vowed to make constant efforts to regain market leadership.