South Korean stocks closed at a new high on Wednesday on hopes for the Seoul-Washington summit and expectations of a potential supply deal with Nvidia.

The benchmark Korea Composite Stock Price Index rose 70-point-74 points, or one-point-76 percent, on Wednesday to close at four-thousand-81-point-15.

Tech stocks led the rally amid reports that Samsung Electronics and SK Group may ink deals with Nvidia in the artificial intelligence sector.

Nvidia CEO Jensen Huang, who is attending the APEC CEO Summit this week, is widely expected to meet South Korean business leaders during his visit.

Separately, President Lee Jae Myung met with U.S. President Donald Trump in Gyeongju on Wednesday.

Details of the meeting have yet to be disclosed.

Among the winners, Samsung Electronics rose one-point-one percent while rival SK hynix surged seven-point-one percent.

Leading search engine Naver and messaging app Kakao jumped four-point-74 percent and six-point-28 percent, respectively.

The tech-heavy KOSDAQ lost one-point-71 points, or zero-point-19 percent, to close at 901-point-59.

The South Korean won strengthened against the U.S. dollar by six won to trade at one-thousand-431-point-seven won as of 3:30 p.m.