Kospi opens above 9,280 points to record new record high on continued chip rally

Stocks opened at a fresh record high on Friday after surging past a new milestone of above 9,000, boosted by a continued chip rally from a boom in AI.

The benchmark Kospi opened 225.05 points higher, or up 2.48 percent, at 9,288.89. The index had closed at 9,063.84 points on Thursday, up 2.25 percent from the previous day. Thursday marked the first time that the Kospi closed above the 9,000 level.

On Friday morning, the market got a boost from overnight gains on Wall Street, led by major chipmakers such as Intel, Nvidia and Micron Technology. U.S. President Donald Trump said that Intel had agreed to a deal with Apple to design and build chips in the United States.

Analyst Han Ji-young from Kiwoom Securities expected the local market to continue on the chip rally but noted that the rise could be limited by profit-taking.

"There seems to be a consensus among investors that increasing dependence on major leading stocks is the winning strategy in the face of external uncertainties," Han said.

Market bellwether Samsung Electronics traded 1.38 percent higher at 367,500 won ($239) as of 9:14 a.m., and its rival SK hynix traded 4.69 percent higher at 2.811 million won.

BY YOON SO-YEON, YONHAP [[email protected]]