Seoul shares open at fresh high on hopes for US-Iran peace deal, extended chip rally

Seoul shares open at fresh high on hopes for US-Iran peace deal, extended chip rally

Korean stocks opened at a fresh record high Thursday after a more than 6 percent rally the previous session, driven by simmering signs of a peace deal between the United States and Iran, and an extended advance in chipmakers. The benchmark Korea Composite Stock Price Index (KOSPI) added 53.34 points, or 0.72 percent, to 7,437.9 as of 9:15 a.m. After opening at a fresh record high of 7,499.07, or 1.55 percent higher, the index shot up to a new al…

It may be time to start worrying about the world’s hottest trade

A peace deal between Tehran and Washington would be good for the global economy, but Wall Street is transfixed by something else – computer chip stocks.