An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Wednesday. (Yonhap) South Korean stocks shot up nearly 6.5 percent Wednesday, extending a record-breaking run to top the 7,300-point mark, driven by a semiconductor rally and optimism for a potential peace deal in the Middle East. The local currency also strengthened against the US dollar.
The benchmark Korea Composite Stock Price Index added 447.57 points, or 6.45 percent, to a fresh record high of 7,384.56.
Overnight, US President Donald Trump said he would pause operations to escort ships through the Strait of Hormuz as part of efforts to reach a final agreement with Iran.
The Kospi opened 2.25 percent higher to surpass the landmark 7,000-point threshold for the first time and extended the gains throughout the session.
The main index has been on a bullish run in recent months, surpassing the 5,000-point mark in late January and topping another milestone of 6,000 points in February.
After recouping its losses in March following the outbreak of the US-Iran war in late February, the Kospi breached the 7,000-point level on continued optimism over the artificial intelligence boom and hopes for the reopening of the key waterway.
Samsung Electronics surged 14.41 percent to close at 266,000 won ($182.83), pushing its market capitalization above 1.5 quadrillion won and becoming the second Asian company to surpass the milestone after Taiwan Semiconductor Manufacturing Co. (Yonhap)