Seoul shares rebound nearly 10% after worst-ever drop; won rises

The screen displays the KOSPI index at a dealing room at Hana Bank's headquarters in central Seoul, Thursday. Yonhap

Korean stocks sharply rebounded on Thursday from the previous session's sharpest decline ever, soaring almost 10 percent, amid signs of an easing oil price surge sparked by the ongoing Iran conflict. The local currency rose against the U.S. dollar.

The Korea Composite Stock Price Index (KOSPI) added 490.36 points, or 9.63 percent, to close at 5,583.9, snapping the three-session losing streak.

The country's main bourse operator, the Korea Exchange (KRX), issued a buy-side sidecar around opening, suspending the selling of KOSPI futures for five minutes.

The Korean won was quoted at 1,468.1 won against the U.S. dollar at 3:30 p.m., up 8.1 won from the previous session's close.

Source: Korea Times News