South Korean shares climb to late-February high on US-Iran deal hopes
- The benchmark KOSPI was up 102.31 points, or 1.68%, at 6,193.70
SEOUL: Round-up of South Korean financial markets:
South Korean shares climbed for a third consecutive session on Thursday, touching their highest levels since February 27, as traders grew optimistic over a potential deal to end the US-Iran war.
The benchmark KOSPI was up 102.31 points, or 1.68%, at 6,193.70, as of 0135 GMT, returning to levels seen before the war broke out on February 28.
“Risk appetite is maintained by hopes for negotiations to end the war and Nasdaq hitting a record high,” said Han Ji-young, an analyst at Kiwoom Securities.
The United States expressed optimism on Wednesday about reaching a deal to end the war with Iran, while also warning of increasing economic pressure against Tehran if it remains defiant.
Among index heavyweights, South Korean chipmaker Samsung Electronics rose 2.01%, while peer SK Hynix gained 1.50%.
Shares of battery maker LG Energy Solution climbed 0.37%.
Hyundai Motor and sister automaker Kia Corp were up 5.91% and 4.42%, respectively. Steelmaker POSCO Holdings added 0.34%, while drugmaker Samsung BioLogics rose 0.44%.
Of the total 905 traded issues, 665 shares advanced, while 206 declined.
Foreigners were net sellers of shares worth 193.4 billion won ($131.12 million).
The won was quoted at 1,473.6 per dollar on the onshore settlement platform, 0.13% higher than its previous close at 1,475.5.
In money and debt markets, June futures on three-year treasury bonds gained 0.04 point to 104.40.
The most liquid three-year Korean treasury bond yield fell 0.6 basis points to 3.325%, while the benchmark 10-year yield rose 0.7 basis points to 3.659%. ‑Reuters
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