South Korea's Kospi Rises 7% to Record High; Samsung Shares Gain 13%

South Korea’s Kospi index soared nearly 7% on Wednesday, May 6, 2026, reaching a fresh record high. 34, with the Korea Composite Stock Price Index surpassing 7,000 points. The market had been closed on Tuesday, May 5, 2026, for a holiday.

Samsung Electronics’ stock jumped nearly 13% that day, while SK Hynix shares shot up 10% early in trading. Both companies are major manufacturers of computer chips vital for AI applications. Employees of Hana Bank celebrated in a photo opportunity at a dealing room in Seoul, marking the Kospi's climb over 7,000 points, as dealers walked past screens displaying the index and foreign exchange rates, watched computer monitors, and talked on phones.

News of Iranian officials traveling to China ahead of a summit between President Donald Trump and Chinese leader Xi Jinping on May 6, 2026, lifted market sentiment. U.S. military leaders stated that a ceasefire with Iran is in effect.

U.S. military is trying to force open a path in the Strait of Hormuz to allow oil tankers to resume shipments from the Persian Gulf. U.S. 37 a barrel.

Oil prices were roughly $70 a barrel before the war with Iran. Other Asian markets advanced. 80 in morning trading. 68.

U.S. markets set records. 22, topping its prior all-time high from the end of last week. 13, setting its own record.

U.S. economic data showed mixed signals. U.S. services businesses slowed last month. U.S. employers advertised slightly more job openings at the end of March 2026 than economists expected.