Seoul: South Korean stocks extended their winning streak to a fourth session Friday, reversing an earlier loss amid renewed Middle East tensions. The local currency dropped sharply against the U.S. dollar. After opening 1.82 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) finished at a fresh high of 7,498 points, up 7.95 points, or 0.11 percent.

According to Yonhap News Agency, the index had been on a record-breaking rally over the recent three sessions driven by strong gains in chips related to artificial intelligence (AI) and optimism for a U.S.-Iran peace deal in the Middle East. Overnight, the U.S. and Iranian militaries exchanged fire, raising concerns over a possible peace agreement to end the 10-week war.

U.S. President Donald Trump later told reporters the ceasefire was still in effect despite the clash.