South Korean stocks close above 8,800 points on AI optimism

SEOUL, June 2 (Yonhap) -- South Korean stocks closed at a fresh high of above the landmark 8,800-point level Tuesday as tech shares continued to advance on optimism over artificial intelligence (AI), led by chip giant Samsung Electronics, offsetting a market-wide profit-taking mode. The local currency fell sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 13.11 points, or 0.15 percent, to close at 8,801.49.

The index opened higher and climbed to a record intraday high of 8,933.62 before reversing course and falling nearly 3 percent at one point amid profit-taking. It later recouped part of its losses but ended the session slightly higher.

Investors remained cautious about developments in efforts to reach a peace agreement between the United States and Iran after three months of conflict, as continued uncertainty surrounding the Strait of Hormuz kept energy prices elevated.

Overnight, U.S. stocks finished higher, with major indexes reaching fresh record highs as a rally in technology shares lifted market sentiment.

U.S. chip giant Nvidia surged more than 6 percent after CEO Jensen Huang unveiled a new AI processor designed to run local agentic AI applications on personal computers.