▲ Employees celebrate the benchmark Korea Composite Stock Price Index having closing at an all-time high of 7,384.56 at the dealing room of Hana Bank in Seoul on May 6, 2026. (Pool photo) (Yonhap)

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Seoul shares open at fresh high on hopes for U.S.-Iran peace deal, extended chip rally

SEOUL, May 7 (Yonhap) -- South Korean stocks opened at a fresh record high Thursday after a more than 6 percent rally the previous session, driven by simmering signs of a peace deal between the United States and Iran, and an extended advance in chipmakers.

The benchmark Korea Composite Stock Price Index (KOSPI) opened at a fresh high of 7,499.07, up 114.51, or 1.55 percent.

The index breached the 7,300-point threshold Wednesday, closing at a fresh peak of 7,384.56, continuing its record-breaking run.

Supported by strong gains in artificial intelligence-related stocks, the KOSPI reached 6,600 last Wednesday and shot up more than 5 percent to close over 6,900 on Monday.

Overnight, U.S. President Donald Trump said he believed a deal with Iran could be reached before his trip to China slated for May 14.

Washington and Tehran are working on a one-page memorandum to end their war and set a framework for detailed nuclear negotiations.

Overnight, Wall Street also rallied, with the S&P 500 and Nasdaq surging to fresh record highs.

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