South Korean shares spike amid US-Iran truce
South Korean stocks jumped nearly 7 percent following the announcement of a two-week ceasefire between the United States and Iran, along with the reopening of the Strait of Hormuz, which triggered a sharp fall in global crude prices.
The Korean won also strengthened markedly against the U.S. dollar, News.Az reports, citing Yonhap.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 377.56 points, or 6.87 percent, to reach 5,872.34, marking the fourth consecutive session of gains.
Shortly after the opening bell, the bourse operator activated a buy-side sidecar, temporarily halting program-driven buy orders in KOSPI futures earlier in the session.
RECOMMENDED STORIES
President Donald Trump said that the US had received a 10-point proposal from Iran, which he described as a “workable basis on which to negotiate.”
Iran’s foreign ministry also released a statement noting that “safe passage” through the strategic waterway would be “possible via coordination with Iran’s Armed Forces and with due consideration of technical limitations.”
Following the ceasefire announcement, global crude prices, including West Texas Intermediate (WTI), fell below US$100 per barrel, contributing to the surge in South Korean equities.
By Nijat Babayev
Similar news
