The benchmark KOSPI is displayed on a screen at a dealing room in Hana Bank, Seoul, Monday. Yonhap
Korean stocks opened sharply higher Monday as the United States and Iran reached an agreement to end their monthslong war in the Middle East, which includes a reopening of the Hormuz Strait.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 407.79 points, or 5.02 percent, to 8,531.41, as of 9:15 a.m.
Such a steep rise triggered Seoul's bourse operator to issue a buy-side sidecar shortly after the market open, halting program trading for five minutes.
On Sunday (local time), Pakistan said the U.S. and Iran reached an agreement to end the war and reopen the Strait of Hormuz, a key shipping route for global energy supplies that Iran has effectively shut down for months, providing some relief to investors who have been suffering extreme market volatility in the wake of the war.
