Officials celebrate the Korea Composite Stock Price Index surpassing the 8,000-point mark at a trading room of Hana Bank in Seoul on Tuesday. Photo by Yonhap
South Korean stocks pulled off a new record high over the 8,000-point level Tuesday driven by optimism for a possible U.S.-Iran peace agreement that would open the Strait of Hormuz. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 199.8 points, or 2.55 percent, to close at a record 8,047.51, extending its winning streak for the third consecutive session.
It is the first time that the KOSPI has closed over the 8,000-point level, following its breaking of the 7,000-point threshold on May 6.
The index started 2.84 percent higher as investors were boosted by U.S. President Donald Trump's latest comments that negotiations with Iran to extend their ceasefire and reopen the strait were "proceeding nicely."
