KOSPI opens again at fresh high of above 7,900 on extended chip rally amid Iran deadlock

SEOUL, May 12 (Yonhap) -- South Korean stocks opened at a fresh record high of above 7,900 points Tuesday, heading toward the unprecedented 8,000-point mark, as major chipmakers continued their bull run, despite woes that peace talks between the United States and Iran are on the brink of breaking down.
After opening 1.68 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) had jumped 112.27 points, or 1.44 percent, to 7,934.51 as of 9:15 a.m. after rising as high as 7999.67 shortly after the opening bell.
It marks the first time the index breached the 7,900-point mark.
The KOSPI surged to an all-time high of 7,822.24 on Monday, ending above the 7,800 threshold for the first time in history, on the back of the extended rally of blue chip tech shares, including Samsung Electronics and SK hynix.
The index tracked overnight tech gains on Wall Street, which gained ground thanks to optimism for continued growth of the artificial intelligence (AI) industry, despite geopolitical uncertainties caused by an impasse in peace negotiations between the U.S. and Iran, as well as the upcoming summit between U.S. President Donald Trump and Chinese leader Xi Jinping.
Micron jumped 6.5 percent, Intel added 3.62 percent, Qualcomm soared 8.42 percent, and Nvidia rose 1.97 percent.
Earlier in the day, Trump said he is considering renewing "Project Freedom," an initiative aimed at helping guide stranded vessels through the Strait of Hormuz amid the U.S.-Israeli war against Iran.
He also said the ceasefire with Iran was on "massive life support," while calling Iran's peace offer a "piece of garbage."
Despite such uncertainties, in Seoul, many of the big-cap tech shares kicked off strong.
Market top-cap Samsung Electronics started 0.7 percent higher, while SK hynix climbed 3.27 percent.
AI investment firm SK Square rose 1.77 percent, and leading battery maker LG Energy Solution went up 0.96 percent.
Auto giant Hyundai Motor soared 5.42 percent, and its auto parts-making affiliate Hyundai Mobis surged 8.5 percent.
Power plant manufacturer Doosan Enerbility expanded 3.59 percent, and major shipbuilder HD Hyundai Heavy jumped 4.23 percent.
Samsung Electro-Mechanics advanced 4.33 percent.
On the other hand, defense giant Hanwha Aerospace was down 1.37 percent, and Samsung SDI lost 1.83 percent. LS Electric dropped 1.81 percent.
The Korean won was trading at 1,478.2 won against the U.S. dollar at 9:15 a.m., down 5.8 won from the previous session.

Sumber : yna.co.kr