Seoul stocks surge on US-Iran deal, reopening of Hormuz Strait
Quick Look
- Seoul stocks surged Monday as investors reacted positively to a US-Iran agreement ending their conflict and reopening the Hormuz Strait.
- The KOSPI index rose 4.76%, with major companies like Samsung Electronics and Hyundai Motor seeing significant gains.
AI-generated summary
Why It Matters
Seoul stocks traded sharply higher following news of an agreement between the United States and Iran to end their conflict and reopen the Hormuz Strait.
SEOUL, June 15 (Yonhap) -- Seoul stocks were trading sharply higher late Monday morning, as market sentiment improved after the United States and Iran reached an agreement to end their monthslong war, which includes the reopening of the Hormuz Strait.
The benchmark Korea Composite Stock Price Index (KOSPI) was up 386.85 points, or 4.76 percent, to 8,510.47 as of 11:20 a.m.
U.S. and Iran's agreement to extend their ceasefire for 60 days and reopen the Strait of Hormuz, provided relief to investors who snatched up market heavyweights.
Market top-cap Samsung Electronics advanced 3.95 percent, while industry rival SK hynix jumped 5.81 percent.
Top carmaker Hyundai Motor rose 6.59 percent, defense giant Hanwha Aerospace moved up 3.15 percent, and major financial group KB Financial climbed 7.88 percent.
The Korean won was quoted at 1,513.2 won against the U.S. dollar, up 6.6 won from the previous session.
Open Questions
- What are the specific terms of the US-Iran agreement?
- What is the long-term outlook for the Hormuz Strait's security?
