Seoul: South Korean stocks experienced a notable turnaround as the Korea Composite Stock Price Index (KOSPI) climbed above the 8,000-point threshold on Friday. This upward movement followed a brief dip at the market's opening, driven by overnight gains on Wall Street. The improvements in the U.S. stock market were largely attributed to a rally in artificial intelligence (AI)-related shares and positive feedback from the U.S.-China summit.

According to Yonhap News Agency, after initially starting 0.37 percent lower, KOSPI added 19.99 points, or 0.25 percent, reaching a new high of 8,001.4 by 9:15 a.m. This achievement comes just over a week after the index first surpassed the 7,000-point mark on May 6.

In the U.S., major indexes such as the Dow Jones Industrial Average, the Nasdaq composite, and the S and P 500 saw gains of 0.75 percent, 0.88 percent, and 0.77 percent, respectively. Seo Sang-young, an analyst at Mirae Asset Securities, noted that the summit between U.S. President Donald Trump and Chinese President Xi Jinping played a significant role in meeting market expectations.

During their meeting in Beijing, the two leaders agreed on key issues, including preventing Iran from acquiring nuclear weapons and ensuring the Strait of Hormuz remains open. This development spurred optimism for increased cooperation between Washington and Beijing, boosting major AI-related stocks on Wall Street. Companies like Nvidia, Broadcom, and TSMC saw significant gains of 4.39 percent, 5.52 percent, and 4.48 percent, respectively.

In Seoul, Samsung Electronics opened 0.68 percent lower, while its competitor, SK hynix, rose by 0.61 percent. Hyundai Motor experienced a 2.11 percent increase, with its affiliate Hyundai Mobis rising 2.31 percent. LG Energy Solution and Samsung SDI also saw substantial gains of 4.3 percent and 4.09 percent, respectively. Meanwhile, Samsung Electro-Mechanics surged 6.93 percent, contrasting with losses by HD Hyundai Electric and LS Electric, which fell 1.66 percent and 2.5 percent, respectively. Defense company Hanwha Aerospace also experienced a decline, dipping 3.37 percent.

The Korean won was trading at 1,496.4 won against the U.S. dollar at 9:15 a.m., marking a decrease of 5.4 won from the previous session.