South Korean shares rebound 6.5% as Trump signals Iran war may end soon
- The benchmark KOSPI was up 342.72 points, or 6.53%, at 5,594.59
SEOUL: Round-up of South Korean financial markets:
South Korean shares climbed more than 6% on Tuesday, rebounding from a sharp selloff in the previous session, as traders reacted after US President Donald Trump suggested the US-Israeli war on Iran could be nearing an end.
The benchmark KOSPI was up 342.72 points, or 6.53%, at 5,594.59, as of 0153 GMT, after closing 5.96% lower on Monday.
Earlier in the session, a sidecar trading curb was activated in the index, after futures rose more than 5%, halting programme trading for five minutes.
Wall Street close higher on Monday, notching a final-hour rebound after Trump said the war was “very far ahead” of his initial four-to-five-week estimated time frame.
South Korea will consider drafting an extra budget to launch support measures for low-income earners hit harder by surging oil prices amid the Middle East crisis, Finance Minister Koo Yun-cheol said on Tuesday.
Koo said foreign exchange authorities would respond to volatility in the currency market if necessary, adding that the central bank would also address any instability in the bond market.
Among index heavyweights, South Korean chipmaker Samsung Electronics rose 10.26%, while peer SK Hynix gained 13.28%.
Battery maker LG Energy Solution climbed 2.23%.
Hyundai Motor and sister automaker Kia Corp were up 6.51% and 5.61%, respectively.
Steelmaker POSCO Holdings added 3.72%, while drugmaker Samsung BioLogics rose 1.27%.
Of the total 926 traded issues, 792 shares advanced, while 122 declined.
Foreigners were net buyers of shares worth 1.2 trillion won ($814.83 million).
The won was quoted at 1,472.5 per dollar on the onshore settlement platform, 0.08% higher than its previous close at 1,473.7.
In money and debt markets, March futures on three-year treasury bonds gained 0.39 point to 104.75.
The most liquid three-year Korean treasury bond yield fell by 10.5 basis points to 3.304%, while the benchmark 10-year yield fell 8.7 basis points to 3.654%.‑Reuters
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