KOSPI turns higher, hovering above 8,000-point landmark

Korean stocks turned higher to breach the landmark 8,000-point level Friday, after opening marginally lower, tracking overnight gains on Wall Street boosted by a rally of artificial intelligence (AI)-relates shares and a positive evaluation of the U.S.-China summit. After starting 0.37 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) had added 19.99 points, or 0.25 percent, to a fresh peak of 8,001.4 as of 9:15 a.m. It took just a little over a week for the index to hit the new milestone after breaching the 7,000-point mark on May 6. Overnight, the Dow Jones Industrial Average closed 0.75 percent higher, the tech-heavy Nasdaq composite gained 0.88 percent, and the S&P 500 went up 0.77 percent. "Major U.S. indexes gained ground with the summit between U.S. President Donald Trump and Chinese President Xi Jinping broadly meeting market expectations," said Seo Sang-young, an analyst at Mirae Asset Securities. In their high-stakes meeting in Beijing on Thursday, the leaders of the world's two largest economies agreed that Iran can never have a nuclear weapon and the cruci

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