South Korean stocks rebounded to a fresh record high on May 29, fueled by gains in artificial intelligence shares and optimism over a potential U.S.-Iran ceasefire extension.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 290.86 points, or 3.55 percent, to close at 8,476.15 after reaching an intraday peak of 8,615.09. Trade volume reached 701.5 million shares worth 73.7 trillion won.
Overnight reports indicated that the United States and Iran had agreed to extend their current ceasefire by 60 days and resume talks on Tehran's nuclear program. This development lifted investor sentiment.
AI-related stocks advanced on news that Nvidia Corp. founder Jensen Huang plans to visit South Korea next week. Samsung Electronics gained 5.84 percent to 317,000 won, while SK hynix rose 1.92 percent to 2.33 million won. LG Electronics surged 29.93 percent to 293,000 won.
The Korean won weakened to 1,507.9 won against the U.S. dollar. Analyst Lee Kyung-min of Daishin Securities said the KOSPI rallied on news of Jensen Huang's planned visit.
