This photo, taken Tuesday, shows the trading room of Hana Bank in Seoul as South Korean stocks soared more than 8 percent amid a ceasefire between Israel and Iran and confidence over the AI boom. Photo by Yonhap
South Korean stocks soared by more than 8 percent Tuesday, sharply rebounding from the over 8 percent plunge the previous session, to reclaim the 8,000-point threshold, as risk-on sentiment prevailed amid a ceasefire between Israel and Iran and confidence over the artificial intelligence (AI) boom. The local currency sharply rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 612.52 points, or 8.18 percent, to close at 8,096.93, after rising as high as 8,119.09.
The KOSPI posted the highest-ever daily increase, breaching the previous high of 606.64 points recorded on May 21, when the index was rallying on an extended bull run of semiconductor shares.
Trade volume was heavy at 442.4 million shares worth 46 trillion won (US$30.4 billion), with winners outnumbering losers 771 to 133. Institutions purchased a net 2.5 trillion won, while foreigners and retail investors unloaded local shares worth 2 trillion won and 618 billion won.