The screen shows the KOSPI and Kosdaq indices at a dealing room at Hana Bank's headquarters in Seoul, Tuesday. Yonhap
South Korean stocks continued to trade higher late Tuesday morning after global crude prices fell following U.S. President Donald Trump's remarks hinting the U.S.-Iran war may be nearing an end.
The benchmark Korea Composite Stock Price Index (KOSPI) moved up 329.66 points, or 6.28 percent, to 5,581.53 as of 11:20 a.m.
Shortly after the opening bell, program trading on the main bourse was suspended for five minutes. A sidecar is triggered by the Korea Exchange (KRX) when the KOSPI 200 futures index moves 5 percent or more for at least one minute.
After dipping 5.96 percent in the previous session, investors hunted for bargains in the morning in response to news reports that Trump said the war with Iran is "very complete," which led to a sharp decline in global crude prices.
In Seoul, top market cap Samsung Electronics jumped 9.91 percent, and SK hynix soared 13.16 percent.
Air carriers also traded higher on falling crude prices, with Korean Air gaining 8.93 percent, and Asiana Airlines adding 4.8 percent.
Oil refiners traded mixed, with SK Innovation rising 1.27 percent, while S-Oil slid 7.71 percent.
KB Financial increased 4.14 percent, and Shinhan Financial rose 1.47 percent.
The Korean won was trading at 1,471.5 won against the U.S. dollar, up 24 won from the previous session.
Source: Korea Times News
