This photo, taken Thursday, shows the trading room of Hana Bank in Seoul as South Korean stocks spiked more than 8 percent as Samsung Electronics averted a strike. Photo by Yonhap
South Korean stocks spiked more than 8 percent Thursday on tech gains, after Samsung Electronics averted a strike and strong earnings from Nvidia, along with optimism over its robotics business outlook, boosted investor sentiment. The local currency gained ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 606.64 points, or 8.42 percent, to close at 7,815.59. after rising as high as 7,819.23.
The index opened sharply higher, tracking overnight gains on Wall Street after crude oil prices fell amid reports that U.S. President Donald Trump said Washington was nearing a deal with Iran to end the war in the Middle East.
As stocks extended gains, program trading was suspended for five minutes at around 9:23 a.m., as KOSPI 200 futures stayed over 5 percent for more than 1 minute.
