South Korean Stocks Hit Record High Over 8,000 on Hopes for U.S.-Iran Deal
Quick Look
- South Korean stocks surged past 8,000 points to a new record high Tuesday, driven by optimism over potential peace negotiations between the U.S. and Iran, which could reopen the Strait of Hormuz.
- Oil prices also fell sharply on the news.
AI-generated summary
SEOUL, May 26 (Yonhap) -- South Korean stocks opened at a new record high of over 8,000 Tuesday on rising hopes for a U.S.-Iran deal to reopen the Strait of Hormuz.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 183.8 points, or 2.34 percent, to 8,031.51 as of 9:15 a.m.
The index topped the 8,000-point mark for the first time since May 15.
Overnight, U.S. President Donald Trump said that peace negotiations with Iran are proceeding "nicely" but warned of fresh attacks if they fail.
On optimism for a possible end of the war, oil prices fell sharply. Brent crude sank 7 percent to US$96, and U.S. West Texas Intermediate futures dropped 6.5 percent to $90.
The South Korean stock market closed Monday in observance of the Buddha's Birthday holiday.
Market bellwether Samsung Electronics rose 2.14 percent, and its chipmaking rival SK hynix jumped 4.22 percent.
Top carmaker Hyundai Motor gained 2.6 percent, and leading battery maker LG Energy Solution added 2.76 percent.
Major shipbuilder Hanwha Ocean shot up 4.17 percent, and pharmaceutical giant Samsung Biologics climbed 1.06 percent.
The Korean won was trading at 1,514.25 won against the U.S. dollar at 9:15 a.m., up 2.15 won from the previous session.
