Seoul Stocks Close Higher as Investors Focus on Earnings Season

SEOUL, April 20 (Yonhap) -- Seoul stocks closed a tad higher Monday despite renewed tensions between the United States and Iran, with investors focusing on the upcoming earnings season. The local currency gained against the greenback. The benchmark Korea Composite Stock Price Index (KOSPI) added 27.17 points, or 0.44 percent, to close at 6,219.09, after reaching as high as 6,278.36. After opening a tad higher, the index continued to remain in positive territory despite growing uncertainties over U.S.-Iran peace talks caused by U.S. Navy's seizure of an Iranian-flagged cargo ship in the Gulf of Oman. "The market is becoming less sensitive to risks stemming from the conflict in the Middle East, as similar noises are being repeated over and over during the peace negotiations," said Lee Kyoung-min, an analyst from Daishin Securities. The analyst said investors are now turning their eyes from geopolitical tensions to the upcoming earnings season. SK hynix, South Korea's chip giant, is widely expected to release its first-quarter earnings this week after its rival Samsung Electronics released a record-breaking operating profit guidance early this month.