Seoul: South Korean stocks opened at a fresh record high Monday as investor appetite for tech shares helped offset uncertainty surrounding negotiations between the United States and Iran over a peace agreement. The benchmark Korea Composite Stock Price Index (KOSPI) rose 120.03 points, or 1.42 percent, to 8,596.18 as of 9:15 a.m., continuing its upward momentum after opening at a fresh high. The KOSPI closed at a record high of 8,476.15 on Friday.
According to Yonhap News Agency, over the weekend, Washington and Tehran exchanged messages seeking revisions to a draft agreement aimed at extending the ceasefire and reopening the Strait of Hormuz, though it remained unclear whether the talks were making meaningful progress. Oil prices rebounded from a six-week low amid uncertainty surrounding the prospects for the U.S.-Iran peace deal. Brent crude climbed toward US$93 a barrel after closing Friday at its lowest level since mid-April.
In the stock market, market bellwether Samsung Electronics rose 3.47 percent, while its chipmaking rival SK hynix fell 1.41 percent. Top carmaker Hyundai Motor gained 6.22 percent, and its parts affiliate Hyundai Mobis increased 5.34 percent. Robot and artificial intelligence-related stocks traded higher on expectations of potential partnership opportunities ahead of U.S. chip giant Nvidia CEO Jensen Huang's visit to South Korea later this week. LG Electronics skyrocketed 29.86 percent, and portal operator Naver surged 8.97 percent.
The Korean won was trading at 1,508.75 won against the U.S. dollar at 9:15 a.m., down 0.85 won from the previous session.