South Korean Stocks Surge Past 8,000 on Optimism Over US-Iran Peace Talks

SEOUL, May 26 (Yonhap) -- South Korean stocks traded higher over the 8,000-point level as investors were buoyed by progress on a Washington-Tehran peace deal despite new U.S. strikes on Iran. After starting 2.84 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) extended gains to add 242.87 points, or 3.09 percent, to 8,090.58 as of 11:20 a.m. U.S. President Donald Trump said talks with Iran to extend the ceasefire and unlock the Strait of Hormuz are proceeding "nicely" and also warned of attacks "bigger and stronger than ever before." Later, U.S. forces conducted strikes in southern Iran in what they described as defensive actions. In Seoul, semiconductor, auto and shipbuilding shares led the rally. Chip giant Samsung Electronics rose 2.65 percent, and SK hynix jumped 6.59 percent. Top carmaker Hyundai Motor added 4.12 percent, and its auto parts affiliate Hyundai Mobis climbed 1.55 percent. Leading shipyard HD Hyundai Heavy Industries soared 9.56 percent, and Hanwha Ocean surged 11.21 percent. However, banking giant KB Financial Group retreated 0.38 percent, and leading retailer Lotte Shopping fell 1.77 percent. The Korean won was trading at 1,508.35 won against the U.S. dollar at 11:20 a.m., up 8.05 won from the previous session.