An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap) Seoul stocks opened sharply higher Thursday as investors pinned hopes of a possible end to the Iran war after President Donald Trump said the US has reached a "great settlement."Opening 6.44 percent higher, the benchmark Korea Composite Stock Price Index rose 577.61 points, or 7.44 percent, at 8,341.56, as of 9:15 a.m.The Kospi tracked overnight advances on Wall Street, where major stock indexes closed sharply higher.On Thursday, President Trump said he canceled the scheduled strikes and bombing against Iran, claiming a "settlement" has been reached and a deal will be signed, possibly in Europe, as soon as this weekend.Iran has not confirmed it.US producer inflation, meanwhile, posted the largest annual gain in some three years in May as the Middle East crisis boosted the cost of energy products, raising speculation that the US Federal Reserve may quicken its monetary tightening to tame inflation."There are several favorable factors, including a possible signing of a memorandum of understanding between the US and Iran, and strong performances of semiconductor stocks in the US," Han Ji-young, an analyst at Kiwoom Securities, said.Stocks gathered ground across the board.Chip giant Samsung Electronics jumped 10.79 percent, while its industry rival SK hynix added 8.76 percent.Top carmaker Hyundai Motor went up 5.53 percent, defense giant Hanwha Aerospace advanced 4.44 percent, and electronics maker LG Electronics moved up 6.19 percent.The local currency was trading at 1,521 won against the US dollar, up 7.9 won from the previous session. (Yonhap)