KOSPI surges to new peak of above 7,800 on chip gains despite renewed woes over US-Iran peace deal

Korean stocks closed at a new record high Monday, easily breaching the landmark 7,800-point level, extending the winning streak to the fifth consecutive session, on the back of a bull run by semiconductor shares, despite concerns of a potentially botched peace deal between the United States and Iran. The benchmark Korea Composite Stock Price Index (KOSPI) surged 324.24 points, or 4.32 percent, to end at a fresh high of 7,822.24 after rising as high as 7899.32. The index delivered a record-breaking run for the fifth consecutive session, heading toward the unprecedented 8,000-point milestone. With the bull run, the combined market capitalization of the KOSPI and the secondary bourse KOSDAQ surpassed 7,000 trillion won ($4.75 trillion) for the first time in history Monday. The combined market cap of the KOSPI and KOSDAQ topped 4,000 trillion won on Jan. 2 and surged to above 6,000 trillion won on April 27. Monday's surge was largely driven by a sharp rise in large-cap chip shares, despite concerns the peace negotiations between the U.S. and Iran are on the cusp of falling apart. Earlier in th

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