Seoul: Seoul stocks opened at a fresh record high Friday after surging past a new milestone of above 9,000, boosted by a continued chip rally amid a boom in artificial intelligence (AI). The benchmark Korea Composite Stock Price Index (KOSPI) was up 215.3 points, or 2.38 percent, at 9,279.14 as of 9:15 a.m.
According to Yonhap News Agency, the market got a boost from overnight gains on Wall Street, led by major chipmakers such as Intel, Nvidia, and Micron Technology. U.S. President Donald Trump announced that Intel had agreed to a deal with Apple to design and build chips in the United States.
Analyst Han Ji-young from Kiwoom Securities anticipated the local market would continue to benefit from the chip rally, highlighting a "consensus" on the increasing reliance on major stocks like Samsung Electronics and SK hynix as a "winning strategy." Han also cautioned that there is growing exhaustion and demand for profit taking after the past week of surges.
Market top-cap Samsung Electronics added 1.1 percent, while its rival SK hynix jumped 4.28 percent. Top carmaker Hyundai Motor inched up 0.33 percent, battery maker Samsung SDI vaulted 7.28 percent, and financial firm KB Financial rose 1.47 percent. Among the decliners were defense giant Hanwha Aerospace, which inched down 0.42 percent, and electronics maker LG Electronics, which fell 2.63 percent.
The Korean won was trading at 1,536 won against the U.S. dollar, down 8.9 won from the previous session, as of 9:15 a.m.