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Seoul Stocks Surge Past 6,000 as US-Iran Deal Hopes Revive Markets

South Korean stocks traded sharply higher, with the KOSPI briefly topping the 6,000-point mark for the first time since early March. The surge was driven by revived hopes for a diplomatic deal between the United States and Iran following recent talks. Tech giants like Samsung Electronics and SK hynix, along with major shipbuilders, led the market's strong gains. The positive sentiment followed an overnight rise on Wall Street, fueled by the same geopolitical optimism.

Key Points: Seoul Shares Jump on Revived US-Iran Peace Talk Hopes

  • KOSPI surges 3.25% past 6,000 mark
  • Hopes revive for US-Iran peace deal
  • Tech and shipbuilding shares lead gains
  • US stocks also rose overnight
2 min read

Seoul shares sharply higher on revived hopes for US-Iran deal

South Korea's KOSPI tops 6,000 for first time since March, fueled by renewed diplomatic hopes between the US and Iran, boosting tech and shipbuilding stocks.

"Washington did not close the door on diplomacy, saying it would continue to engage with Tehran to make a deal. - Yonhap report"

Seoul, April 14

South Korean stocks traded sharply higher on Tuesday on revived hopes for US-Iran peace talks, briefly topping the 6,000-point mark for the first time since the outbreak of the U.S.-Iran conflict.

The benchmark Korea Composite Stock Price Index (KOSPI) added 189.03 points, or 3.25 percent, to 5,997.65 as of 11:20 a.m (local time).

The index rose to 6,000.18 around 10:12 a.m. and hovered near the 6,000 level, reports Yonhap news agency.

It marked the first intraday move above the 6,000 mark since March 3, when the index traded at 6,180.45, the first trading day after the United States and Israel carried out air strikes on Iran on Feb. 28.

The KOSPI crashed 7.28 percent to close at 5,791.91 that day.

On Monday, the U.S. began a blockade of the Strait of Hormuz following marathon talks between Washington and Tehran in Islamabad, Pakistan, over the weekend that ended without progress.

However, Washington did not close the door on diplomacy, saying it would continue to engage with Tehran to make a deal.

Renewed hopes for a deal pushed up U.S. stocks overnight. The Dow Jones Industrial Average rose 0.63 percent, and the Nasdaq Composite gained 1.23 percent.

In Seoul, tech and shipbuilding shares led the upbeat mode. Market bellwether Samsung Electronics rose 3.73 percent and chip giant SK hynix jumped 7.5 percent.

Major shipbuilders HD Hyundai Heavy Industries and Hanwha Ocean advanced 1.73 percent and 2.83 percent, respectively.

Carmakers were also strong as industry leader Hyundai Motor gained 3.97 percent and its sister Kia climbed 2.04 percent.

The local currency was trading at 1,483.05 won against the greenback at 11:20 a.m., up 6.15 won from the previous session.

- IANS

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Reader Comments

S
Sarah B
The Strait of Hormuz blockade is a major concern. So much of the world's oil passes through there. If tensions escalate, oil prices will spike globally. That would hit Indian consumers hard at the petrol pump and through inflation. Hoping diplomacy wins.
P
Priya S
Samsung and SK Hynix jumping so much! Shows the confidence in tech. Our own Sensex and Nifty often take cues from such global rallies. Maybe our IT and manufacturing stocks will see a positive trend too if the deal goes through. Fingers crossed for peace.
V
Vikram M
While peace is always welcome, I have to respectfully point out that the article focuses heavily on market gains from potential peace talks, but doesn't delve into the human cost of the conflict that preceded this. Markets recover, but lives lost don't. Just a thought.
R
Rohit P
Good news for sure! Any reduction in global uncertainty is a boost for investor sentiment. Indian markets love stability. Hope this positive momentum continues and we see our indices climbing as well. Time to check my portfolio! 📈
K
Karthik V
Talks in Islamabad, huh? Interesting venue choice. Shows how regional players are involved. From an Indian perspective, a peaceful resolution is crucial. We have significant interests in the region and rely on stable energy supplies. Chaotic neighbors are bad for business.

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