AI stocks surge, South Korean equities reach new highs.

Supported by expectations in the artificial intelligence and semiconductor industries, South Korean stocks continued their strong gains on May 29, pushing the KOSPI index to a record high for the second consecutive day.

South Korean stocks continued their strong upward trend, with the KOSPI index setting a new record for the second consecutive day during trading on May 29th.

According to data from the Korea Exchange, the KOSPI closed at 8,476.15 points on May 29th, up 290.86 points, or 3.55%, from the previous session.

This level far surpasses both the record closing price of 8,228.70 points set on May 27th and the intraday peak of 8,457.09 points. The index opened with a 2.43% increase and continued to extend its gains throughout the trading session.

News that the US and Iran are finalizing negotiations on a memorandum of understanding to end hostilities has contributed to improving global investor sentiment.

Earlier, the three main Wall Street indices all hit historical highs during the trading session on the night of May 28, creating a positive effect on the South Korean market.

Another key driver is the expectation for the AI ​​and semiconductor industries. News that Samsung Electronics has begun shipping its seventh-generation high-bandwidth memory module, the HBM4E, along with the upcoming visit of Jensen Huang, has fueled expectations for new technology collaborations between Nvidia and South Korean companies.

Semiconductor stocks led the market's gains. Samsung Electronics shares rose 5.84%, closing at 317,000 won, their highest level since the company's stock split in 2018. Meanwhile, SK hynix shares gained 1.92%, reaching 2.333 million won per share.

Notably, shares of Samsung Electro-Mechanics surged 15.04% on positive expectations for its base materials segment, pushing the share price above 2 million won and propelling the company to fourth place by market capitalization on the KOSPI exchange.

LG's group of businesses also attracted strong investor interest. LG Electronics shares surged to 293,000 won amid market expectations that Jensen Huang would discuss collaboration in the field of physical AI with Chairman Koo Kwang-mo.

LG CNS shares also rose to their maximum allowed limit, while LG Innotek surged 28.57%.

(VNA/Vietnam+)

Source: https://www.vietnamplus.vn/co-phieu-ai-but-pha-chung-khoan-han-quoc-lap-dinh-moi-post1113489.vnp