(URGENT) Seoul shares spike for 5th straight day on chip rally

Korean stocks continued their upward trajectory on Thursday morning, propelled by a surge in major semiconductor companies. As the trading day commenced, the Korea Composite Stock Price Index (KOSPI) soared to new heights, surging 4.19 percent to reach 6,855 points by 11:20 a.m. This impressive rally was fueled by the performance of U.S. stocks tied to the artificial intelligence technology sector, which saw a modest gain of 0.26 percent, falling short of a record high. The Nasdaq composite also exhibited strength, advancing 0.54 percent.

In contrast, the Dow Jones Industrial Average experienced a slight decline of 0.04 percent, highlighting the divergence between U.S. markets and Korean equities. Among Korean blue-chip stocks, Samsung Electronics emerged as a standout performer, surging 5.48 percent. Its rival in the semiconductor industry, SK hynix, also benefitted from the market momentum, posting a remarkable 7.55 percent increase.

SK Square, the parent company of SK hynix, soared even higher, with a staggering 8.98 percent gain. Additionally, Samsung Electro-Mechanics, an electronics component subsidiary of Samsung Electronics, experienced an impressive 12.73 percent rise.

The Korean won demonstrated resilience against the U.S. dollar, strengthening to 1,415.1 won per dollar by 11:20 a.m., marking a gain of 3.4 won from the previous trading session's close.