extended

Seoul stocks surged by more than 2 percent past another historic landmark, surpassing the 9,000-point level for the first time in history, as investors bet on chipmakers in the face of a hawkish stance by the Federal Reserve and Iran uncertainty.

The benchmark Korea Composite Stock Price Index (KOSPI) closed up 199.6 points, or 2.25 percent, to 9,063.84, after rising as high as 9,106.07.

The KOSPI continued its winning streak for the sixth consecutive session on the back of optimism over artificial intelligence (AI) and related sectors.

Trade volume was heavy at 505.9 million shares worth 49.9 trillion won (US$32.7 billion). Foreigners were net buyers, snatching up 1.3 trillion won, while retail and institutional investors net sold a combined 1.2 trillion won.

Losers outnumbered gainers 109 to 788.

The index bucked overnight losses on Wall Street caused by Fed policymakers’ remarks that a rate hike would be inevitable to tame inflation.

The continued rally was led by the country’s two major chipmakers, Samsung Electronics and SK hynix, said analyst Kim Seok-hwan from Mirae Asset Securities.

“Investors are anticipating that semiconductor companies could gain better bargaining power due to a sustained supply bottleneck,” the analyst said.

A risk appetite was also revived on anticipation the U.S.-Iran war is nearing its end. The United States has said Iran has agreed to reopen the Strait of Hormuz, a key oil shipping route, and revealed a signed memorandum of understanding on ending the war.

The rate freeze from the Fed, the fourth consecutive on-hold decision, appeared to have a limited impact on investor sentiment.

Market top cap Samsung Electronics rose 4.62 percent to 362,500 won, while its rival SK hynix jumped 6.51 percent to 2,685,000 won.

Non-semiconductor sectors lost ground.

Defense giant Hanwha Aerospace fell 2.86 percent to 1,189,000 won, ship builder HD Hyundai Heavy Industries retreated 3.25 percent to 684,000 won, and major financial firm KB Financial inched down 0.55 percent to 163,100 won.

The Korean won was quoted at 1,527.1 won against the U.S. dollar, down 13.7 won from the previous session.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 4 basis points to 3.75 percent, and the return on the benchmark five-year government bonds added 5.2 basis points to 3.949 percent.

Copyright (c) Yonhap News Agency prohibits its content from being redistributed or reprinted without consent, and forbids the content from being learned and used by artificial intelligence systems.

June 4 (UPI) — The Somalian military and opposition militias opposed to an extension of President Hassan Sheikh Mohamud’s term by the country’s parliament skirmished Thursday in its capital.

After the opposing sides set up positions within Mogadishu late Wednesday, gunfire and fighting broke out in the city ahead of planned demonstrations today, The Guardian and The New York Times reported.

Mohamud was due to leave office May 15, but the country’s parliament voted to extend his term by one year, prompting opposition leaders — including former President Sharif Sheikh Ahmed and former Prime Minister Hassan Khayre — to announce demonstrations against what they said is a constitutional crisis.

Ahmed said that government forces had targeted his home intending to kill him because he has spoken out against the extended term and is leading resistance to it.

Ahmed and Khayre each have their own security, as do other clans throughout the country, and the alleged targeting of the leaders by government military forces led to ongoing skirmishes that have left Mogadishu residents fleeing for their safety.

Ahmed, in a video statement, said that government forces had “encircled and attacked my house.”

“I am never scared of their aggressive attack — I will fight back,” he said.

Khayre said in a statement that the government had deployed anti-tank weapons and drones in the attack, endangering civilians in the area.

At a press conference Thursday, Col. Mahdi Omar Mumin said that government forces staged “an operation in which security agencies neutralized armed militia members who yesterday attacked police forces in the Hodan District,” Somalia’s Ministry of Defense said in a statement on X.

“The militia had caused harm to Somali civilians and disrupted security in the capital,” the ministry said.

Mohamud and members of the parliament who support him said the effort is to move from indirect elections to individuals voting specifically for their chosen candidates.

Opposition members have said they fear the change could prevent many people in the country from having a voice in the government and potentially enable greater power for Mohamud.

At least five people have been killed as Israeli air attacks hit several locations in southern and eastern Lebanon.

A series of Israeli air attacks on southern and eastern Lebanon has killed at least five people and injured more than a dozen, according to the Health Ministry.

Despite Israel agreeing to a ceasefire extension with Hezbollah, the attacks on Sunday included the municipalities of Tayr Felsay, Tayr Debba, Az-Zrariyah and Jebchit.

According to Lebanon’s state-run National News Agency (NNA), at least three people were also killed in a separate Israeli attack on the village of Jouaiya.

The Israeli military issued forced displacement orders to residents in the villages of Sohmor, Roumine, al-Qusaibah, Kfar Hounah and Naqoura in southern Lebanon.

“It’s been another violent day here in southern Lebanon,” reported Al Jazeera’s Obaida Hitto, from the southern city of Tyre. “As the ceasefire comes into place, we have seen the exact opposite happening with Israel intensifying its attacks,” he said.

At a cabinet meeting on Sunday, Prime Minister Benjamin Netanyahu said Israel was “holding territory, clearing territory, protecting Israel’s communities, but also fighting an enemy that is trying to outsmart us”.

Since the war resumed on March 2, at least 2,988 people have been killed and 9,210 injured in Israeli attacks across the country, the Lebanese Health Ministry said on Sunday.

Talks in Washington

Sunday’s attacks followed talks in Washington, DC, where the two countries agreed a 45-day ceasefire extension – even though the original accord which began on April 17 has never been observed.

The third round of talks in the US capital concluded after the first direct meeting in decades last month between Lebanon and Israel, which do not have diplomatic relations.

NNA reported that the ceasefire extension is intended to allow for a US-facilitated security track to begin on May 29, with the next round of talks between the two sides planned for June 2 and 3 in Washington, DC.

Hezbollah opposes direct negotiations, especially as Israeli forces continue to bomb southern Lebanon and occupy parts of it since the ceasefire.

“The direct negotiations that the authorities in Lebanon have conducted with the Israeli enemy have … led them down a dead-end path that will result in nothing but one concession after another,” Hezbollah legislator Hussein Hajj Hassan said on Sunday.

“Neither they nor anyone else will be able to carry out what the enemy wants, especially when it comes to the issue of disarming the resistance,” he said, adding that authorities were creating “very big predicaments” for the country.

On Saturday, Hezbollah said it struck a military target in northern Israel, having earlier announced several operations against Israeli forces in southern Lebanon.

The war is having a disastrous humanitarian impact. Between March and April, more than 1.2 million people have been forced to leave their homes due to fighting, according to the Danish Refugee Council.

The conflict is pushing the economy towards breaking point. Bassem El-Bawab, head of the Lebanese Business Association, said the country has suffered more than $25bn in direct and indirect losses since Israel’s war started in 2024.

Around $12bn will be needed for reconstruction, with El-Bawab warning that the total could rise further if the conflict continues.

He added that Lebanon is losing about $30m daily in indirect economic damage, alongside the direct destruction of homes, businesses and infrastructure.