South Korea’s benchmark Korea Composite Stock Price Index (KOSPI) continued its historic surge on Thursday, opening at a fresh record high following a robust over 6 percent rally in the previous session. This impressive performance in the South Korean stock market was significantly boosted by promising developments towards a potential peace deal between the United States and Iran, alongside sustained strong advances from leading chipmakers.
The KOSPI opened Thursday’s trading session at an unprecedented 7,499.07 points, marking a significant increase of 114.51 points, or 1.55 percent. This follows Wednesday’s landmark achievement where the index officially breached the 7,300-point threshold, ultimately closing at a then-record peak of 7,384.56, extending its remarkable record-breaking trajectory.
Beyond the geopolitical optimism, the broader South Korean stock market has also seen substantial momentum from artificial intelligence (AI)-related stocks. This sector fueled the KOSPI’s ascent, pushing it to 6,600 last Wednesday and propelling it further by more than 5 percent to close above 6,900 on Monday, demonstrating diverse growth drivers.
The positive sentiment surrounding a potential US-Iran resolution gained traction overnight. US President Donald Trump expressed confidence in reaching a deal with Iran prior to his scheduled trip to China on May 14. Both Washington and Tehran are reportedly finalizing a one-page memorandum aimed at ending their conflict and establishing a foundational framework for future, detailed nuclear negotiations, easing global market tensions.
