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SEOUL, May 6 (Yonhap) -- South Korean stocks shot up nearly 6.5 percent Wednesday, extending a record-breaking run to top the 7,300-point mark, driven by a semiconductor rally and optimism for a potential peace deal in the Middle East. The local currency also strengthened against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 447.57 points, or 6.45 percent, to a fresh record high of 7,384.56.
Overnight, U.S. President Donald Trump said he would pause operations to escort ships through the Strait of Hormuz as part of efforts to reach a final agreement with Iran.
The KOSPI opened 2.25 percent higher to surpass the landmark 7,000-point threshold for the first time and extended the gains throughout the session.
The main index has been on a bullish run in recent months, surpassing the 5,000-point mark in late January and topping another milestone of 6,000 points in February.
After recouping its losses in March following the outbreak of the U.S.-Iran war in late February, the KOSPI breached the 7,000-point level on continued optimism over the artificial intelligence boom and hopes for the reopening of the key waterway.
Samsung Electronics surged 14.41 percent to close at 266,000 won (US$182.83), pushing its market capitalization above 15 trillion won and becoming the second Asian company to surpass the milestone after Taiwan Semiconductor Manufacturing Co.
Employees take part in a ceremony at the dealing room of KB Kookmin Bank in Seoul on May 6, 2026, to celebrate the benchmark Korea Composite Stock Price Index having risen over the 7,300-point mark for the first time in early trading, in this photo provided by the company. (PHOTO NOT FOR SALE) (Yonhap)
brk@yna.co.kr
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