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| 2026-05-07 09:26:26
(LEAD) stocks-open
(LEAD) Seoul shares open at fresh high on hopes for U.S.-Iran peace deal, extended chip rally
(ATTN: UPDATES with latest figures, info in paras 2-3; ADDS more info from para 9, new photo)
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) added 53.34 points, or 0.72 percent, to 7,437.9 as of 9:15 a.m.
After opening at a fresh record high of 7,499.07, or 1.55 percent higher, the index shot up to a new all-time intraday high of 7,523.84 at 9:03 a.m.
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 record highs.
In Seoul, market heavyweights led the market advance.
Market bellwether Samsung Electronics rose 1.88 percent, and its chipmaking rival SK hynix climbed 0.81 percent.
Top carmaker Hyundai Motor jumped 5.45 percent, and its sister Kia added 3.04 percent.
Major shipbuilder HD Hyundai Heavy Industries increased 3.86 percent, and internet giant Kakao gained 0.43 percent.
Energy company Doosan Enerbility surged 8.03 percent, and leading retailer Lotte Shopping rose 2.81 percent.
The Korean won was trading at 1,447 won against the U.S. dollar at 9:15 a.m., up 8.1 won from the previous session.
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