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

▲ An electronic signboard at Hana Bank in central Seoul shows the Korea Composite Stock Price Index having breached the landmark 7,800-point mark on May 11, 2026. Shares in Samsung Electronics and SK hynix also reached record highs. (Yonhap)

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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 over little progress in peace talks between the United States and Iran.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 131.17 points, or 1.68 percent, to a new peak of 7,953.41 at the opening bell, touching the 7,900 level for the first time.

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.

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