Seoul shares open at fresh high on tech rally amid renewed tension in Middle East

Korean stocks opened at a record high Wednesday, with the KOSPI surging 4.63 percent to 8,420.27, driven by a tech rally and renewed Middle East tensions. The index surpassed the 8,000-point threshold for the first time in history, just three weeks after reaching the 7,000 level, as semiconductor stocks led gains following a surge in U.S. AI-related shares.

Korean stocks opened at a new record high Wednesday, driven by strong gains in semiconductor stocks amid renewed tensions in the Middle East in search of a peace deal. Opening 2.42 percent higher, the benchmark Korea Composite Stock Price Index KOSPI spiked 372.76 points, or 4.63 percent, to 8,420.27 as of 9:15 a.m. As stocks extended gains, a buy-side order in the KOSPI futures was suspended for five minutes at 9:06 a.m., according to the Korea Exchange. The index closed at 8,047.51 on Tuesday, surpassing the 8,000-point threshold for the first time in history. It took just three weeks for the KOSPI to climb from the 7,000 level reached on May 6 to the unprecedented 8,000 territory. Overnight on Wall Street, the S&P 500 and Nasdaq hit record closing highs as investors scooped up AI-related shares, while recent U.S. strikes on Iran dampen prospects for peace in the Middle East. The S&P 500 gained 0.61 percent and the Nasdaq Composite rose 1.19 percent, while chipmaker Micron surged 19 percent to hit $1 trillion in market value for the first time. In Seoul, market bellwethers Samsung Elect