Seoul stocks open at record high, surpassing 9,000 mark
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- Seoul stocks surged past 9,000 for the first time, opening at a record high Friday, driven by a continued chip rally fueled by the artificial intelligence boom.
- Overnight gains on Wall Street, particularly from chipmakers like Intel, Nvidia, and Micron, boosted the market.
- Analyst Han Ji-young of Kiwoom Securities anticipates the chip rally to continue, though profit-taking might limit further gains.
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Seoul stocks opened at a fresh record high, surpassing the 9,000 milestone, driven by a continued chip rally amid a boom in artificial intelligence. Overnight gains on Wall Street, led by major chipmakers, contributed to the surge.
SEOUL, June 18 (Yonhap) -- Seoul stocks opened at a fresh record high Friday after surging past a new milestone of above 9,000, boosted by a continued chip rally amid a boom in artificial intelligence (AI).
The benchmark Korea Composite Stock Price Index (KOSPI) opened up 225.05 points, or 2.48 percent, at 9,288.89.
The market got a boost from overnight gains on Wall Street, led by major chipmakers, such as 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.
Analyst Han Ji-young from Kiwoom Securities expected the local market to continue on a chip rally but noted that the rise could be limited due to profit taking.
"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," Han said.
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Local market to continue on a chip rally.
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Offene Fragen
- Will profit-taking limit further gains?
- What is the extent of investor dependence on leading stocks?
