Seoul shares close at new high on tech rally, Mideast optimism
Seoul shares close at new high on tech rally, Mideast optimism
Publish Date: 2026-05-29 03:55:00
Source Domain: www.upi.com
- South Korean stocks reached a new all-time high driven by strong gains in AI-related stocks.
- The Korea Composite Stock Price Index (KOSPI) surged 3.55% to close at 8,476.15 points.
- Trade volume was heavy, with AI companies experiencing significant gains.
- Renewed optimism about a Middle East peace deal extended US-Iran ceasefire boosted market optimism.
- Analysts attributed the rally partly to Nvidia Corp.’s CEO Jensen Huang’s upcoming visit to South Korea.
- Key companies like Samsung Electronics, LG Electronics, and Naver saw significant increases in stock prices.
- Despite overall gains, certain sectors like banking and food industries saw modest declines.
- The Korean won weakened against the US dollar, and bond prices rose.
