TOKYO \u2014 South Korea\u2019s Kospi soared nearly 7% to a fresh record on Wednesday as Samsung Electronics’ stock jumped nearly 13% in a rally driven by expectations of strong growth in artificial intelligence and hopes for progress in ending the U.S.-Iran war.<\/p>\n
Shares in SK Hynix, another major Korean computer chipmaker, shot up 10% early Wednesday. Both Samsung and SK Hynix are major manufacturers of the computer chips vital for AI applications.<\/p>\n
News that Iranian officials were traveling to China<\/a> ahead of a summit between President Donald Trump and Chinese leader Xi Jinping<\/a> lifted market sentiment. That also helped ease volatility in oil prices.<\/p>\n South Korea’s market was closed Tuesday for a holiday and on reopening gained 6.7% early Wednesday to 7,398.34.<\/p>\n Shares mostly rose in other Asian markets, though Tokyo trading was closed for a holiday.<\/p>\n Australia\u2019s S&P\/ASX 200 gained nearly 1.0% to 8,766.80 in morning trading.<\/p>\n Hong Kong\u2019s Hang Seng gained 0.7% to 26,081.52, while the Shanghai Composite rose 1.0% to 4,152.68.<\/p>\n In energy trading, benchmark U.S. crude slipped $1.37 to $100.90 a barrel. Brent crude, the international standard, lost $1.50 to $108.37 a barrel, echoing declines Tuesday that erased the big jumps earlier in the week.<\/a> The prices still remain well above their roughly $70 price before the war with Iran<\/a>.<\/p>\n U.S. military leaders have said a ceasefire with Iran<\/a> is in effect, although uncertainties clearly remain. The U.S. military is trying to force open a path in the Strait of Hormuz<\/a>, which would allow oil tankers to resume shipments from the Persian Gulf.<\/p>\n