South Korean equities opened at a fresh record high on June 1, as strong demand for technology stocks outweighed uncertainty surrounding negotiations between the US and Iran over a peace agreement.

According to the Yonhap News Agency, the benchmark KOSPI rose 120.03 points, or 1.42%, to 8,596.18 by 9:15am, extending gains after opening at a new high.

The index closed at a record 8,476.15 on May 29.

Oil prices rebounded from a six-week low amid uncertainty over the prospects for a US-Iran peace deal. Brent crude rose towards US$93 a barrel after ending Friday at its lowest level since mid-April.

Market heavyweight Samsung Electronics gained 3.47%, while rival chipmaker SK hynix fell 1.41%, Yonhap added.

Carmaker Hyundai Motor advanced 6.22%, while parts affiliate Hyundai Mobis climbed 5.34%.

Shares linked to robotics and artificial intelligence traded higher on expectations of potential partnership opportunities ahead of Nvidia chief executive Jensen Huang’s visit to South Korea later this week.