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South Korean Shares Open at New High on Extended Chip Rally Despite No Progress in US-Iran Talks

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South Korean shares opened at a new high on Tuesday, owing to an extended rally of chip stocks, primarily led by Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660), which gained over 1% and nearly 4%, respectively, in morning trade.

The benchmark Korea Composite Stock Price Index, or Kospi, rose by 131.17 points to open at 7,953.41. The Kosdaq gained 7.56 points to open at 1,214.90.

Investors appeared to pay no heed to the lack of progress in U.S.-Iran peace talks.

U.S. President Donald Trump said Monday that the ceasefire with Iran was "on life support" after he rejected Tehran's latest proposal and deemed it unacceptable.

Iran pushed back, with Foreign Ministry spokesman Esmaeil Baghaei accusing the US of making unreasonable demands, while parliament speaker Mohammad Bagher Ghalibaf said that the U.S. must accept the Iranian proposal, and warned that Tehran was ready to respond to any aggression.

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