KOSPI closes near 8,500 as AI rally drives fresh high

South Korea's KOSPI closed at 8,476.15 on Friday, up 3.55 percent, approaching the 8,500 milestone as AI-related stocks rallied following Wall Street gains. The index surged after reports that the U.S. finalized discussions on a memorandum to end the conflict with Iran, easing geopolitical tensions and lowering oil prices.

KOSPI hit another record on Friday, topping 8,400 and moving closer to the 8,500 milestone as easing geopolitical concerns and renewed enthusiasm for artificial intelligence AI -related stocks lifted investor sentiment following overnight gains on Wall Street. The country's benchmark index opened 199.02 points, or 2.43 percent, higher than the previous session at 8,384.31, and maintained its upward momentum to close at 8,476.15, up 290.86 points, or 3.55 percent. Market sentiment strengthened after media reports said the United States had finalized working-level discussions on a memorandum of understanding aimed at ending the conflict with Iran and had begun circulating a draft among allies, including Israel. Hopes that ceasefire negotiations were nearing a final settlement also helped ease concerns over oil prices, which had recently weighed on global financial markets. U.S. West Texas Intermediate crude futures retreated to the $80-per-barrel range. On Wall Street, AI-focused cloud computing company Snowflake surged 36 percent after raising its annual sales forecast and securing a lon