This photo, taken Monday, shows the trading room of Hana Bank in Seoul as South Korean stocks rose more than five percent to close above the 8,500-point mark on the back of an agreement to end the U.S.-Iran war. Photo by Yonhap
Seoul stocks closed sharply higher Monday to extend their winning streak to a third day, landing above the 8,500-point mark on the back of an agreement between the United States and Iran to end their monthslong war. The Korean won rose sharply.
The benchmark Korea Composite Stock Price Index (KOSPI) closed up 422.36 points, or 5.2 percent, to 8,545.98, after rising as high as 8,603.48.
"The KOSPI broke the 8,500-point mark as the breakthrough in peace talks opened a risk-on rally," said Lee Kyoung-min, an analyst from Daishin Securities.
He said foreign investors were net buyers, adding upward pressure to the stock market, along with institutional investors, the analyst said.
