Employees celebrate as the benchmark KOSPI index surpassed the 7,000 mark at the dealing room of Hana Bank in Seoul, Wednesday. Yonhap
Korean stocks traded 6 percent higher to stay above the unprecedented 7,300-point mark Wednesday led by strong gains in semiconductor shares and rising optimism for a peace deal between the United States and Iran.
Opening 2.25 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) extended gains, adding 418.82 points, or 6.04 percent, to an all-time intraday high of 7,355.81 as of 11:20 a.m.
With the surge, the bourse operator issued a buy-side sidecar at 9:06 a.m. to halt program-driven buy orders in KOSPI futures for five minutes.
The stock market pulled off a strong start following U.S. President Donald Trump's announcement to pause the U.S. efforts to guide ships through the Strait of Hormuz to finalize a deal with Iran.
Overnight on Wall Street, the S&P 500 and Nasdaq closed at record highs on artificial intelligence-related stocks.
In Seoul, semiconductor stocks led the rally.
Top-cap Samsung Electronics surged 12.47 percent, and chipmaking rival SK hynix soared 10.3 percent.
Hanmi Semiconductor, a chip equipment manufacturer, rose 1.59 percent.
Top carmaker Hyundai Motor advanced 2.23 percent, and its auto parts affiliate Hyundai Mobis added 0.46 percent.
Source: Korea Times News
