An official works at a dealing room in Hana bank in central Seoul, Thursday. Yonhap
Korean stocks extended their bullish run Thursday to close at a new all-time high after briefly topping the 7,500-point mark on hopes for a Washington-Tehran deal to end their war and positive outlooks on chipmakers, backed by an artificial intelligence (AI) boom. The local currency gained against the U.S. dollar.
After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) added 105.49 points, or 1.43 percent, to a fresh record high of 7,490.05.
The main index renewed its record-high close for the third consecutive session, breaching the 7,300-point mark on Thursday.
The index pulled off a strong start and hit a new all-time intraday high of 7,531.88 shortly after the opening bell.
After turning to negative as investors locked in profits in early trade, the KOSPI rebounded and extended gains beyond the 7,500-point level in the afternoon.
Investor sentiment was buoyed by positive developments in the Middle East as Washington and Tehran exchanged fresh proposals aimed at ending the war.
U.S. President Donald Trump also said a deal with Iran could be reached before his trip to Beijing next week.
Source: Korea Times News
