Seoul: Seoul stocks shattered a new record Monday, closing at a fresh high, spurred by an artificial intelligence (AI)-led rally in chip and power equipment sectors. The Korean won also rose against the U.S. dollar. According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) soared 139.4 points, or 2.15 percent, reaching 6,615.03. This new high comes just two trading days after the previous record of 6,475.81 was set on Thursday. The trading session saw a substantial trade volume of 835.6 million shares valued at 33 trillion won (US$22.4 billion), with 495 stocks rising compared to 357 declining. Foreign and institutional investors were net buyers, collectively purchasing equities worth a net 1.99 trillion won. Conversely, retail investors offloaded a net 1.97 trillion won. The rally is fueled by optimism surrounding corporate earnings, particularly those of major tech firms involved in the AI supply chain, such as Samsung Electronics and SK hynix, as highlighted by Lee Kyoung-m in, an analyst from Daishin Securities. Anticipation is particularly high for companies linked to AI data centers, including those in the semiconductor and power equipment sectors. This week, five of the Magnificent Seven (M7) companies are slated to release their first-quarter earnings, including tech giants Apple, Alphabet, and Microsoft. Geopolitical tensions in the Middle East, which had been affecting the local market, seem to be subsiding, further aiding the rally. In Seoul, the majority of large-cap stocks ended stronger, led by gains in chip and power equipment companies. Market leader Samsung Electronics rose 2.28 percent to 224,500 won, while its competitor SK hynix climbed 5.73 percent to 1,292,000 won. Both semiconductor firms benefited from Intel's robust first-quarter earnings, which surpassed analyst projections. Power equipment companies also enjoyed strong performances, with LS Electric surging 12 percent to 255,500 won and Hyosung Heavy Industries leaping 10.95 percent to 3,941,000 won. However, battery shares experienced declines due to profit-taking, with LG Energy Solution dropping 3.53 percent to 464,000 won and Samsung SDI slipping 0.94 percent to 635,000 won. The Korean won was quoted at 1,472.5 won against the U.S. dollar, marking an increase of 12 won from the previous session. Bond prices, which move inversely to yields, finished higher, with the yield on three-year Treasurys falling 0.4 basis points to 3.492 percent and the return on benchmark five-year government bonds decreasing 0.7 basis points to 3.676 percent.