Seoul stocks hit record high above 9,000 on AI-driven chip rally

Global stock markets showed varied performance, with Seoul's KOSPI index achieving a new record high, surpassing the 9,000 mark. This surge was primarily attributed to a strong rally in artificial intelligence-driven chip and technology stocks. Major chipmakers and positive sentiment from Wall Street contributed to the significant gains observed in the benchmark KOSPI index.

In the United States, major stock indexes also closed higher on Thursday, successfully reclaiming most of the losses incurred on the previous day. The S&P 500 index saw a gain of 1.1%, the Dow Jones Industrial Average added 0.1%, and the Nasdaq Composite experienced a more substantial jump of 1.9%. This market recovery coincided with a geopolitical shift, as crude oil prices experienced fluctuations. The price movements in oil were influenced by a peace agreement reached between the US and Iran, indicating a potential impact on energy markets and broader economic sentiment.

The rally in Seoul's stock market highlights the ongoing impact of the AI boom on the technology sector, particularly for companies involved in semiconductor manufacturing. The recovery in US markets suggests investor confidence is returning, despite ongoing geopolitical developments. The fluctuation in crude oil prices following the US-Iran peace agreement indicates that energy markets remain sensitive to international relations and potential changes in supply or demand dynamics.