South Korean stocks opened at a new record high of over 8,000 Tuesday on rising hopes for a US-Iran deal to reopen the Strait of Hormuz.The benchmark Korea Composite Stock Price Index 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, US 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 $96, and US West Texas Intermediate futures dropped 6.5 percent to $90. Electronic boards at the dealing room of Hana Bank headquarters in Jung-gu, Seoul, display the Kospi and other market indexes on Tuesday. (Yonhap) 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 US dollar at 9:15 a.m., up 2.15 won from the previous session. (Yonhap)
Seoul shares open at new record high over 8,000 on hopes for US-Iran deal
South Korean stocks opened at a new record high of over 8,000 Tuesday on rising hopes for a US-Iran deal to reopen the Strait of Hormuz. The benchmark Korea Com
TL;DRAI
South Korea's KOSPI hit a record 8,031 (+2.34%) on US-Iran deal optimism, while Brent crude fell 7% to $96 as Strait of Hormuz reopening hopes grew. Easing geopolitical risk is already repricing chip and hardware stocks — SK Hynix +4.22%, Samsung +2.14% — a positive signal for component costs and supply-chain visibility.
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