Seoul stocks opened at a fresh record high Friday after surging past 9,000 the previous day, boosted by a continued chip rally amid an artificial intelligence boom.
The benchmark Korea Composite Stock Price Index (KOSPI) opened up 225.05 points, or 2.48 percent, at 9,288.89. It had closed the previous day up 199.6 points, or 2.25 percent, at 9,063.84 after rising as high as 9,106.07, marking the first time it surpassed the 9,000 level.
The market received a boost from overnight gains on Wall Street led by major chipmakers including Intel, Nvidia and Micron Technology. U.S. President Donald Trump said that Intel had agreed to a deal with Apple to design and build chips in the United States.
Market top-cap Samsung Electronics added 1.1 percent, while rival SK hynix jumped 4.28 percent. Analyst Han Ji-young from Kiwoom Securities said there seems to be a consensus among investors that increasing dependence on major leading stocks is the winning strategy in the face of external uncertainties, but noted accumulating exhaustion and demand for profit taking.
