South Korean stocks jumped nearly 2% at Wednesday’s open as chipmakers extended a rally driven by renewed optimism over artificial intelligence demand, while easing tensions in the Middle East also lifted investor sentiment.
The Kospi rose 136.08 points or 1.94% to 7,153.99 at the opening bell, extending gains after the index climbed for a third straight session.
AI-linked technology stocks led the advance after the Nasdaq Composite closed at another record high on Tuesday. The US tech-heavy index rose 0.45%, while the Dow Jones Industrial Average fell 0.36% and the S&P 500 slipped 0.06%.
Investor sentiment also improved on hopes that diplomatic efforts could ease tensions in the Middle East, helping push oil prices lower.
Brent crude had fallen 0.2% to US$103.68 a barrel while US crude slipped 0.3% to US$100.02, according to Reuters.
The softer oil prices offered some relief to markets concerned about inflation and interest rates, although the broader global rate outlook remained a key focus for investors.
The Kospi’s gains also came after foreign investors returned to Korean assets, with technology shares continuing to benefit from expectations of strong AI-related demand.
