Key facts
- Seoul stocks experienced a six-day rally, reaching a record high above 9,000.
- The rally was primarily driven by an AI boom and chipmakers like Samsung Electronics and SK hynix.
- Profit-taking led to a breather, with the KOSPI falling 0.13% to 9,052.42 on Friday.
- A postponement of planned talks related to the U.S.-Iran war also contributed to the index's dip.
- Vice President J.D. Vance delayed a trip to Switzerland for direct talks with Iran.
Seoul stocks experienced a pause on Friday after a six-day surge, with the benchmark Korea Composite Stock Price Index (KOSPI) falling 0.13% to 9,052.42. The rally, which had pushed the index above 9,000 to a record high, was largely fueled by an artificial intelligence (AI) boom and strong performance from chipmakers like Samsung Electronics and SK hynix.
Investors began cashing out their gains on Friday, leading to a breather in the market. The index briefly traded higher on the back of the ongoing chip rally but later slipped into negative territory. This downturn was influenced by news that planned talks, intended as a follow-up to a deal to end the U.S.-Iran war, had been postponed. The White House announced that Vice President J.D. Vance was delaying his planned trip to Switzerland for direct talks with Iran.
Despite the day's pullback, an analyst from Daishin Securities suggested that a potential chip bottleneck could further boost demand and prices, potentially supporting future stock price increases.